U.S. bank ups oil price forecasts
Azerbaijan, Baku, Sept. 26 / Trend capital A. Badalova /
One of the biggest U.S banks, JPMorgan, has increased its forecasts for oil prices both for 2009 and 2010. According to new forecasts from the bank, the average price for WTI will hit $60.28 per barrel in 2009 and $68.75 in 2010. Before, the bank forecasted prices to the amount of $59.03 and $67.5 per barrel respectively.
The U.S bank's report said that the highest price for WTI will hit $70 per barrel in the fourth quarter compared to $65 per barrel, forecasted by the bank last month.
The U.S. bank reported the highest level of prices for WTI in the next year will be observed in the first, third and fourth quarters - $70 per barrel. In the second quarter of next year, the bank predicts that the price will stand at $65 per barrel.
JPMorgan forecasts the average price for Brent North Sea oil to come to the amount of $61.91 per barrel in 2009 compared to $60.66, predicted by the bank last month and the oil price will reach $70 per barrel in 2010.
As a result of an auction at the New York commodity exchange on Sept. 25, the cost of November's futures contract for WTI U.S light oil decreased by $0.34 and was $66.23 per barrel. The official price for November's futures contract for Brent North Sea oil increased by $0.54 and was $65.44 per barrel at the London exchange.
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