Azerbaijan, Baku, Feb. 20 / Trend , A.Badalova /
In 2009, the average WTI prices will be $43.25 per barrel, JP Morgan reported.
"We forecast risk reduction in oil demand and decreased prices," JP Morgan told Trend .
The highest price on WTI in 2009 will occur in the fourth quarter at $50 per barrel. The lowest price will be observed in the first quarter at $38 per barrel. The average price on WTI in 2010 will be $55 per barrel. In the third and fourth quarters next year, the price will hit $60 per barrel.
JP Morgan analysts forecast the average price for Brent at $43.75 per barrel. In the fourth quarter of 2009 the price for Brent will hit $50. In 2010, the analysts forecast the price of Brent reaching $55 per barrel.
"If OPEC meets commitments to reduce production due to the reduced oil demand and falling prices below $30 per barrel, non-OPEC countries will limit their production," JP Morgan said.
As a result of the auction on Feb. 19, the price of the future contract on WTI oil supplies dropped by $0.2 to $350.6 million at the New York Mercantile Exchange. The price on WTI increased $4.86 to $39.48 per barrel. The April future prices for Brent increased $2.44 to $41.99 per barrel.
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