Azerbaijan, Baku, May 7 / Trend , A. Badalova/
Oil prices on world markets reached a peak with the start of the year, surpassing the mark of $56 per barrel. On May 6, At the end of trading on the New York Mercantile Exchange (NYMEH) cost of the June futures on U.S. light crude oil WTI rose by $2.5 to $56.34 per barrel. Price on June futures on the North Sea Brent crude oil grade rose by $2.03 to $56.15 per barrel on the London Stock Exchange.
One of the reasons for price rise was reports about an increase in the demand for fuel and the decline in last month's unemployment rate in the United States. According to a report by the U.S. Department of Energy, oil increased by 600,000 barrels to 375.3 million barrels in the country last week, well below the figure predicted by analysts. Commercial inventories of motor fuel in the country declined by 200,000 barrels to 212.4 million barrels.
Analysts of the major banks and institutions are full of optimism with respect to the future price of oil. According to some projections, revised upward this year, oil prices on world markets could rise above $60 per barrel.
Analysts of the international investment bank Barclays Capital believe that the price of oil in 2009 could reach a level of $71.55 per barrel, if hit resistance level at $56.1 per barrel.
According to the forecasts of the International Monetary Fund, oil prices will continue to grow this year but will not be able to reach the level of the beginning of 2008 but in the near future.
State United States Energy Information Administration (EIA) believes that the rise in oil prices will start in 2010 due to expected recovery of world economy. The EIA told Trend said that the administration projected the average price of WTI U.S. light crude oil at $63 per barrel the next year. This year's average oil price is projected at $53 per barrel.
Analysts one of the largest U.S. bank JPMorgan also believe that the price of oil next year could reach a level of $60 per barrel. JPMorgan told Trend that the average price for WTI in 2009 will be $49.38 per barrel in 2010 - $57.5 per barrel. Analysts forecast the average price for North Sea Brent crude oil grade for 2009 at $50.5 per barrel, while it was $57.5 per barrel for 2010.
According to OPEC Secretary General (OPEC) Abdullah al-Badri, world oil prices may rise to $60 per barrel in improving world economy by the end of the year. In his view, the optimal level for the price is $70-80 per barrel.
Comparative table of oil prices forecast:
|
company |
2009, $/bar. |
2010, $/bar. |
|
Barclays Capital |
71,55 (A) |
|
|
EIA |
53 (W) |
63 (W) |
|
JPMorgan |
49,38 (W), 50,5 (B) |
57,5 (W), 57,5 (B) |
|
ОПЕК |
60 (A) |
|
|
Morgan Stanley |
35 (W) |
55 (W) |
A - average price on major oils
W - WTI
B - Brent
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