Western analysts' forecasts for oil prices in 2011-2012

Azerbaijan, Baku, Dec. 24 /Trend, A.Badalova/

Since the beginning of the week, the global oil prices have been demonstrating a growth, which was influenced by several factors, including favorable macroeconomic statistics of the U.S., forecasts for growth in demand for fuel and heavy snowfalls in Europe.

As a result of trades on Thursday, Dec. 23, the January futures price of U.S. WTI light crude oil on the New York Mercantile Exchange rose by $1.03 to $91.51 per barrel. On the London Stock Exchange, the February futures price for the North Sea Brent crude rose by $0.3 to $94.55 per barrel.
Western analysts expect further increase in the price of 'black gold' and the short-term forecast prices above $100 per barrel.

Analysts of one of the largest U.S. banks JP Morgan stipulates the probability of rising in oil prices up to $100 per barrel and higher expectations of growth in world demand for fuel, which is projected at 1.6 million barrels in 2011.
According to analysts of the bank, in 2011 the average price of WTI will be $89.75 per barrel compared to $86 per barrel in 2010. The average price for Brent was $88 per barrel in 2010 and $91.75 per barrel in 2011.

Analysts another major U.S. investment bank Morgan Stanley forecast an average price of WTI at $ 100 per barrel in 2011 and $ 105 per barrel in 2012.

Analysts of another major U.S. investment bank Morgan Stanley forecast an average price of WTI at $100 per barrel in 2011 and $105 per barrel in 2012.
American analysts project world oil demand next year to grow by 1.5 million barrels up to 88.5 million barrels per day.

Analysts at U.S. investment bank Goldman Sachs also expect oil prices to exceed $100 per barrel in the short-term outlook. According to their forecasts, oil prices (WTI) will grow to the specified level in the second half of 2011, and by the end of the year - will rise to $105 per barrel.
Forecasts by analysts of one of Britain's leading independant economic research consultancy Capital Economics are still modest. British analysts project average price for Brent at $60 per barrel in 2011 and 2012. According to their forecasts, the price for this sort of oil in the first quarter of next year will be $75 per barrel, then fall to $70 in the second quarter and $65 per barrel in the third quarter.

U.S. Energy Information Administration (EIA) predicts the average price of WTI at $86 per barrel in 2011. By the end of 2011, EIA expects growth rates to $89 per barrel.

Oil price forecasts for 2011-2012 (in $/barrel.)

W - WTI

B - Brent