British analysts forecast decline in oil prices this year
Azerbaijan, Baku, January 7 / Trend , A.Badalova /
Analysts of British leading independent macroeconomic research consultancy Capital Economics expect decline in world oil prices to $70 per barrel in the near future.
The report of Capital Economics says that despite that oil prices on world markets have grown, analysts continue to expect another drop in prices up to the level of $50 per barrel in 2010, which, however, is high compared to the level that observed before the record increase in oil prices.
According to analysts, in the first and second quarters of 2010 the price of North Sea Brent oil will remain at $70 per barrel, then fall to $60 per barrel in the third quarter and further to $50 per barrel in the fourth quarter.
As a result of 2010, the average price will total $62.5 per barrel. In 2011, the average oil price will amount to $50 per barrel.
Oil prices on world markets this week continues to rise amid expectations of rising demand for hydrocarbons due to the forecasted strong frosts. As a result of trading on Jan. 6 on the London Stock Exchange the February futures for Brent oil rose by $1.3 to $81.89 per barrel. The cost of the February futures on U.S. WTI oil on the New York Mercantile Exchange rose $1.41 to $83.18 per barrel.