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Oil prices to reach $130 per barrel by late next year

Oil&Gas Materials 8 July 2011 18:53

Azerbaijan , Baku, July 8 /Trend, A.Badalova/

The average price of North Sea Brent oil by the end of 2012 will reach $130 per barrel, according to expectations of the analysts of one of the largest U.S. JP Morgan Bank. The average price for U.S. WTI crude oil during the reported period is projected at $120 per barrel.

According to JP Morgan's monthly report on the oil market, the potential for price increases and price risk and volatility will persist by the end of 2011 and throughout 2012.
The JP Morgan analysts have raised forecasts for 2011 for an average price of Brent from $107 per barrel to $112 per barrel, the price of WTI - from $93 to $98 per barrel.

In the third quarter of this year, the average price of Brent, according to analysts, will be $110 per barrel, WTI - $95 per barrel as compared to $100 and 85 per barrel, respectively, predicted by analysts earlier.
As a result of 2012, analysts predict an average price of Brent at $124 per barrel, WTI - $114 per barrel.

World oil prices have risen significantly as compared to the positive macroeconomic statistics across the USA and Germany. Following the auction on Thursday, July 7, the cost of the August futures for WTI on the New York Mercantile Exchange rose $2.02 to $98.67 per barrel. On the London stock exchange, the price of August futures for Brent rose by $4.97 - up to $118.59 per barrel.

JP Morgan forecasts for oil prices in 2011-2012 ($ per barrel)

2011

III quarter

2011

IV quarter

2011

2012

I quarter

2012

II quarter

2012

III quarter

2012

IV quarter

2012

Brent

110

115

112

120

120

125

130

124

WTI

95

100

98

110

110

115

120

114

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