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U.S. analysts predict oil prices at $130 per barrel by late 2013

Oil&Gas Materials 7 February 2012 17:56 (UTC +04:00)

Azerbaijan, Baku, Feb. 7 / Trend A.Badalova /

Analysts at the U.S. bank JP Morgan predict world oil prices to reach about $130 per barrel by the end of 2013.

According to the analysts' monthly oil market report the average price for Brent will be at $112 per barrel and for WTI - at $107 per barrel in 2012. Previously analysts forecasted for 2012 Brent price at $115 per barrel, and WTI price at $110 per barrel.

In 2012 the highest prices will be observed in the fourth quarter - at $120 per barrel for Brent and at $116 per WTI.

Analysts predict the average Brent price at $121 per barrel, the WTI - at $118 per barrel in 2013.

The highest prices for the next year are predicted in the fourth quarter - at $130 per barrel for Brent and at $118 per barrel for WTI.

Following the auction on February 6, the price on Brent futures for March decrease by $0.12 a barrel up to $115.81 per barrel. The cost of WTI futures for March on the New York Mercantile Exchange decreased by $0.05 percent to $98.86 per barrel.

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

2012

I Q.

2012

II Q.

2012

III Q.

2012

IV Q.

2012

2013

I Q.

2013

II Q

2013

III Q.

2013

IV Q.

2013

Brent

105

110

115

120

112

120

115

120

130

121

WTI

98

105

110.5

116

110

116.5

111.5

117

127

118

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