Oil price correction to be short-term: CERA
Azerbaijan, Baku, July 14 / Trend , A.Badalova/
Price for the American WTI will be more than $50 per barrel in the third quarter, analysts of the Cambridge Energy Research Associates (CERA) believe.
The expected oil price correction on the world markets will be short-term, because fuel production will up by late 2009 in the case of the global economy recovery, analysts said.
Analysts forecast cut in the world oil demand in a response to the current high oil prices and increase in the OPEC supplies.
The International Energy Agency (IEA) predicts that the world oil demand will be 83.2 million barrels per day in 2009 with a 2.5-million barrels per day lower than in 2008. The oil demand will increase by 1.4 million barrels and reach 85.2 million barrels per day in 2010, the agency reported.
"Although at present the world oil demand is weak and the
Although global oil demand remains weak, and excess production capacity is high, expectations that supply may be at risk provide some support for prices," the CERA report said.
According to CERA analysts, the average price of WTI will be $60 per barrel in the second half of 2009 and $65 per barrel in 2010.
As a result of auctions on July 13, the price of Brent oil rose by $0.17 and was $60.69 per barrel at the London Exchange. At the New York Mercantile Exchange, the price of August contracts for WTI crude oil decreased by $0.2 and was $59.69 per barrel.