Azerbaijan, Baku, August 21 / Trend capital A. Badalova /
One of the biggest U.S banks, JPMorgan, has significantly increased its forecasts for oil prices both for 2009 and 2010. According to new forecasts from the bank, the average price for WTI U.S light oil will hit $59.03 per barrel in 2009 and $67.5 in 2010. Before, the bank forecasted prices to the amount of $54.53 and $57.5 per barrel respectively.
The U.S bank's report said that the highest price for WTI will hit $70 per barrel in the second half of 2010.
JPMorgan forecasts the average price for Brent North Sea oil to come to the amount of $60.66 per barrel in 2009 and $68.75 per barrel in 2010.
Analysts of U.S bank said that current oil prices are satisfactory for the OPEC. There is no necessity for the cartel to reduce quotas for extraction.
As a result of an auction at the New York commodity exchange on August 21, the cost of October's futures contract for WTI U.S light oil decreased by $0.92 to $72.91 per barrel. The official price for October's futures contract for Brent North Sea oil decreased by $1.26 to $73.33 per barrel at the London exchange.
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