Azerbaijan, Baku, Nov. 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. Under, the bank's monthly report, the main factor keeping the oil prices are global liquidity and the weakness of the U.S dollar.
According to new forecasts from the bank, the average price for WTI will hit $61.34 per barrel in 2009 and $68.75 in 2010. Before, the bank forecasted price for WTI in 2009 to hit $60.34 per barrel.
In the fourth quarter of 2009, the average price for WTI will hit $ 75.2 compared to the $65 forecasted by the bank earlier.
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 $62.42 per barrel in 2009 compared and the oil price will reach $70 per barrel in 2010. The U.S. bank reported the highest level of prices for Brent North Sea oil in the next year will be observed in the first quarter - $72 per barrel. In the second quarter of next year, the bank predicts that the price will stand at $67 per barrel.
In the fourth quarter of 2009, the average price for Brent North Sea oil will hit $ 75.2.
As a result of an auction at the New York commodity exchange on Nov.24, the cost of January's futures contract for WTI U.S light oil decreased by $1.54 and was $76.02 per barrel. The official price for January's futures contract for Brent North Sea oil decreased by $1 and was $76.46 per barrel at the London exchange.
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