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U.S. analysts expect increased oil prices

Oil&Gas Materials 15 July 2010 15:35 (UTC +04:00)
JP Morgan analysts forecast growth on the prices of WTI and North Sea Brent crude to $90 and $92 per barrel, respectively, in the first quarter of 2011.
U.S. analysts expect increased oil prices

Azerbaijan, Baku, July 15 / Trend A.Badalova /

JP Morgan analysts forecast growth on the prices of WTI and North Sea Brent crude to $90 and $92 per barrel, respectively, in the first quarter of 2011.

Analysts predict a fall in prices on WTI to $85 per barrel by the second quarter of 2011 and its a growth in prices to $90 in the third and $95 per barrel in the fourth quarter.

Prices on Brent are expected to reach $87 per barrel in the second quarter, $92 in the third and $97 per barrel in the fourth quarter of 2011.

Average prices on WTI will reach $90 per barrel and $92 per barrel on Brent in 2011.

Oil supply volumes will meet oil demand in the second half of 2010, which is projected at 86.8 million barrels per day in the third quarter and 87.6 million barrels in the fourth quarter, the bank forecast. The U.S. dollar's strong position will continue to limit significant price increases, the analysts said.

Analysts predict WTI prices at an average of $81.73 per barrel and $82.19 per barrel for Brent in 2010.

Prices on WTI will hit $85 per barrel and $86 per barrel on Brent in the third and fourth quarters of 2010.

As a result of trading July14, August futures prices on WTI fell by $0.11 to $77.04 per barrel on the New York Mercantile Exchange. On the London Stock Exchange, August futures prices on Brent increased by $0.12 to $76.77 per barrel.

The U.S. Energy Information Administration forecast prices on WTI as reaching $79 per barrel in 2010 and $83 per barrel in 2011, which is $3 per barrel lower than forecast earlier. The EIA expects prices on the oil to reach $84 per barrel by late 2011.

JP Morgan Forecasts on Oil Prices for 2010-2011 ($ / bbl)

I quarter

II quarter

III quarter

IV quarter

2010

78,88 (W)

77,37 (B)

78,05 (W)

79,41 (B)

85 (W)

86 (B)

85 (W)

86 (B)

2011

90 (W)

92 (B)

85 (W)

87 (B)

90 (W)

92 (B)

95 (W)

97 (B)

W - WTI

B - Brent

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