JP Morgan: Oil prices may reach record level

Azerbaijan, Baku, May 11 / Trend A.Badalova /

World oil prices in the third quarter of 2011 may reach the 2008 record level of $150 per barrel. Analysts at the U.S. bank JP Morgan made the predictions.

"Excluding the increase in OPEC production over 29.4 million barrels per day or more slowing economic growth, the price risks will rise," JP Morgan said. "There is even a possibility that the price will reach a record level of 2008 worth $ 150 a barrel in the third quarter of 2011."

According to their forecasts, the average price on U.S. crude oil Brent in 2011 and 2012 will amount to $120 per barrel. This is $10 per barrel more than the price predicted by analysts earlier.

JP Morgan forecast the price on WTI oil in 2011 at $109.5 per barrel.

According to the analysts, the average price on WTI will hit $ 114 per barrel in 2012 compared to $104 a barrel, they predicted earlier.

Following the auction on May 10, the price on Brent futures for June increased by $1.73 a barrel up to $117.63 per barrel. The cost of WTI futures for June on the New York Mercantile Exchange rose by $1.33 up to $103.88 per barrel.

JP Morgan forecasts for oil prices, 2011 (in $ / bl)