ESAI: Brent price to drop by late 2011

Oil&Gas Materials 22 April 2011 12:14 (UTC +04:00)

Azerbaijan, Baku, April 22/ Trend, A. Badalova /
Brent price will drop to $104 per barrel from the current $123 per barrel by late 2011, analysts of the U.S. Energy Security Analysis (ESAI) forecast.
According to the report sent to Trend by e-mail, the average price for Brent in May - June this year will amount to $105.5 per barrel. In December 2011 the average price on this oil brand, according to ESAI analysts, will hit $104.2 per barrel.
Cost of the U.S. WTI crude oil is forecasted at $102.4 per barrel by late 2011.
The lowest price for WTI this year, according to the analysts, will be observed in May - at $99 per barrel, in September - $99.5 per barrel.
Oil prices on the world market significantly increased the day before. The main factors in rising oil prices were the weakening USD, as well as positive macroeconomic data from the U.S. and Europe.

As a result of trading on Wednesday, April 20, the cost of June futures for Brent increased by $2.52 per barrel - to $123.85 per barrel. The cost of June futures for the U.S. oil WTI on the New York Mercantile Exchange rose by $3.17 and amounted to $111.45 per barrel.