Azerbaijan, Baku, Apr. 8 / Trend A.Badalova /
The UK's leading consulting firm Economic Research-Capital Economics has raised its forecasts on world oil prices for 2010-2011. Considerable speculation was observed on oil prices last month, the firm said.
"The fact that oil prices remained steady despite increases in the dollar prompted us to raise our forecasts for late 2010 and 2011 from $50 to $60 per barrel," the firm said in a report.
Nevertheless, the figures are low compared to market expectations and the current price level.
Expectations disappointing global economic recovery is the main reason for the low projections.
Capital Economics forecast that in late 2010, the prices on North Sea crude oil Brent will hit $70 per barrel and then fall to $65 per barrel in the third quarter and $60 per barrel in the fourth quarter. Following the results of 2011, the average price is projected at $60 per barrel.
May futures on Brent oil at the New York Mercantile Exchange dropped by $0.56 to $85.59 per barrel. May futures for WTI oil at the New York Mercantile Exchange dropped by $0.96 to $85.88 per barrel.
Meanwhile, U.S. analysts are more optimistic in their forecasts on the future dynamics of world oil prices. According to the estimates of many U.S. banks, the price on U.S. crude oil WTI will exceed the $100 per barrel mark in 2011.
The U.S. bank Goldman Sachs forecasts an average price on WTI in 2011 of $110 per barrel.
The large U.S. investment bank Morgan Stanley predicts the average price on the oil in 2011 to hit $100 per barrel.
|
2010 |
2011 |
||
|
Capital Economics |
II quarter |
70 (B) |
60 (B) |
|
III quarter |
65 (B) |
||
|
IV quarter |
60 (B) |
||
|
Goldman Sachs |
110 (W) |
||
|
Morgan Stanley |
100 (W) |
||
W - WTI
B - Brent