Azerbaijan, Baku, Nov. 23 /Trend A.Badalova/
Analysts at the U.S. bank JP Morgan revised down their forecasts in WTI prices for the late 2011 and early 2012.
According to the analysts' weekly report on oil market, the price for WTI will average $94 per barrel in the fourth quarter of 2011 and $98 per barrel in the first quarter of 2012.
"We continue to see oil trading in a $100 to $120/bbl range, but the headwind of economic and financial market risks is turning into a gale at the same time that Libyan production is ramping up," the report said.
The analysts lowered their projections for Brent to $105 per barrel through to the end of the first quarter of 2012.
"These changes also reflect a more rapid erosion of the supply buffer that producers have in place, which suggests much larger downside risks should economic conditions deteriorate or should supplies grow by more than we are currently projecting," the report said.
JP Morgan's analysts predict average price for Brent at $110.5 per barrel in 2011, at $112 per barrel in 2012 and at $121 per barrel in 2013.
WTI average price is forecasted at $95 per barrel in 2011, $107 per barrel in 2012 and $118 per barrel in 2013.
Following the auction on November 22, the price on Brent futures for December increased by $2.15 a barrel up to $109.03 per barrel. The cost of WTI futures for December on the New York Mercantile Exchange rose by $1.09 up to $98.01 per barrel.
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