Azerbaijan, Baku, June 12 / Trend A.Badalova /
Oil prices on the world market fell in the end of the week after a slight growth. As a result of trades June 11 on the New York Mercantile Exchange the price of U.S. WTI crude July futures fell by $1.7 to $73.78 per barrel. The July futures for North Sea Brent crude on London Stock Exchange fell by $0.94 to $74.35 per barrel. In general, oil prices on the world market fell by almost $15 per barrel in May on the backdrop of the debt problems of some euro zone countries.
Analysts predict this year's average oil price at a level close to the present.
Analysts at World Bank (WB) oil prices to reach $78.1 per barrel in 2010.
"Oil prices are expected to remain volatile in the medium term," the bank's report says." It is expected that the average oil prices will remain in the range of $70-$80 per barrel. OPEC will be cautious in actions that could serve to a significant increase in prices above that level because of the impact on demand, the analysts forecasted.
WB predicts drop in oil prices to the level of $74.6 per barrel in 2011 and $73.9 per barrel -in 2012.
Analysts of Capital Economics, one of the leading economic research consultancies in the UK, forecasts expect a fall in the world oil prices by late 2010. According to the British analysts, the price of North Sea Brent will fall to $ 60 per barrel in the fourth quarter and remain at that level in 2011.
The U.S. State Energy Information Administration (EIA) predicts the average price of WTI at $79 per barrel in 2010 and $83 per barrel in 2011. EIA expects growth rates to $84 per barrel by late 2011.
Do you have any feedback? Contact our journalist at: [email protected]