Oil prices not to justify OPEC's hopes: British analysts
Azerbaijan, Baku, July 7 / Trend A. Badalova /
Prices for oil continue its volatile dynamics on world markets. Hardly had they reached $70 per barrel, oil prices dropped $64 per barrel. Macroeconomic indices remain major factor of impact on descending tendency of prices. They deteriorated pessimistic mood over final restoration of world economy.
According to last week information, level of unemployment reached record index in the USA within the last 26 years but in Europe within the last 10 years.
Analysts skeptically consider probability of significant growth of prices as a result of 2009. Even moderate willing of OPEC to reach $75 per barrel by late 2009 seems to be unreal and unacceptable in current terms.
"If growth of prices was ruined by continuing impact of inflation in 2008, it is hard to imagine that they will be able to increase amid great deflation pressure in 2009," analysts of one of leading British consulting companies for economic research Capital Economics said.
According to forecasts of British analysts, average price for oil will hit $60 per barrel as a result of 2009. Later it will reduce $50 per barrel in 2010 and 2011.
According to forecasts of analysts, world level of inflation will hit 2 percent. World GDP will reduce 3.5 percent.
Recent leap in prices for oil was result of initial hopes for stabile restoration of world economy. Later they went out that led to price-dropping, British analysts said.
According to analysts, weakening of U.S dollar played small role in price-dropping for oil.
According to U.S state department of energy information (EIA), prices for U.S light oil WTI will hit $67 per barrel.
Excessive volatility of prices on world markets caused anxiety of the biggest European countries. France and Great Britain call oil producers and consumers for talks to decrease volatility in prices that can be obstacle for economic growth this week.
Both countries intend to publish joint document to establish reasonable prices.
These issues will be discussed at the meetings of Big Eight and Big twenty to determine demand and supplies in future, British Prime-Minister Gordon Brown said.
As a result of auction at London exchange on July 6, price of August futures for North Sea Brent oil reduced $1.56 to $64.05 per barrel.
Cost of August futures for U.S light oil WTI drooped $2.7 to $64.03 per barrel at New York exchange.
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