Oil prices to rise in 2012-2013

Azerbaijan, Baku, Nov 14 / Trend A.Badalova /

Analysts at the U.S. bank JP Morgan predict average price for Brent at $115 per barrel and for WTI at $97.5 per barrel in 2012.

Previously analysts forecasted Brent price at $124 per barrel, and WTI price at $114 per barrel next year.

In the last monthly oil market report the analysts indicated that the dynamics of the world oil prices will be positive over 2012 and 2013.

In 2013 analysts predict average price for Brent at $121.25 per barrel, and for WTI - at $114.25 per barrel.

In 2012 the highest price for Brent and WTI will be observed in the fourth quarter - at $130 and $123 per barrel.

Analysts remained unchanged their forecasts on Brent price for the end of this year. According to the forecasts, price for Brent will average $115 per barrel in the fourth quarter. WTI price will average $94.12 per barrel compared to $98 per barrel previously forecasted.

"While our forecasts are on watch in case a material economic event occurs, the fact that

we have kept our price forecasts unchanged at $115/bbl basis Brent for 4Q2011, despite averaging $110/bbl for October reflects our tight market perspective," the analysts said.

Following the auction on November 11, the price on Brent futures for December increased by $0.45 a barrel up to $114.16 per barrel. The cost of WTI futures for December on the New York Mercantile Exchange rose by $1.21 up to $98.99 per barrel.

JP Morgan forecasts for oil prices, 2011, 2012, 2013 (in $/bl)