American bank increases oil price forecast for 2010.
Azerbaijan, Baku, Jul.28 / Trend A.Badalova /
One of the giant banks in the world American JPMorgan bank forecasts average price for WTI at $67.5 per a barrel, which is $10 per a barrel more than the bank's previous forecast.
According to the bank's analysis, price for this kind of oil will reach a peak of $70 per a barrel in the third and fourth quarters of 2010.
Average price for WTI will be $55.63 per a barrel in 2009, JPMorgan forecasted. The bank's previous forecast was $49.38 per a barrel.
Price for Brent will be $55.5 per a barrel in 2009 and $65.5 per a barrel in 2010. Price will reach $63 per a barrel in the fourth quarter of 2009, the bank's analysts forecasted.
JPMorgan's analysts believe that hike in oil prices observed in the first half of 2009 when the world economy was weak, will lead to a more moderate price movements when recovering of economic growth rates. Full stabilization of oil prices will be no earlier than the second half of 2010.
Price for Brent again exceeded $70 per a barrel at the end of last week. On July 24, futures contract for Brent increased by $1.7 per a barrel to $70.32 per a barrel during auctions at the London Stock Exchange.
Price of September futures contract for WTI on the New York Mercantile Exchange rose by $0.89 per a barrel to $68.05 per a barrel.
The U.S macro-economic indicators, which were higher than expected, as well as the weak dollar supported oil prices.
Do you have any feedback? Contact our journalist at: [email protected]