Azerbaijan, Baku, July 3 / Trend A.Badalova /
Analysts at the U.S. bank JP Morgan lowered their oil prices forecasts for the second half of 2012 in the light of continued softening of oil demand due to weaker global economic growth.
According to the analysts' forecasts, Brent price will average $97.5 per barrel in the second half of 2012 compared to the previous forecast of $122.5 per barrel. WTI price is predicted at $89 per barrel compared to previously forecasted $114 per barrel.
"Despite the downshift in view, the damage already done means our new forecast of $95 per barrel (from $120 per barrel) for Brent crude oil in the third quarter of 2012 implies that prices should start to recover on peak summer demand, and may spend some time above $100 per barrel in the coming three months," analysts said in their monthly oil market report.
In 2012 JP Morgan analysts expect Brent average price at $106 per barrel, WTI price -at $96 per barrel.
In 2013, according to the analysts' forecasts, Brent average price will amount to $104 per barrel, WTI price - to $99 per barrel. Analysts expect the highest price for Brent and WTI next year in the third quarter - at $110 per barrel and $107 per barrel respectively.
JP Morgan forecasts for oil prices, 2012, 2013 (in $/bl)
|
2012 II Q. |
2012 III Q. |
2012 IV Q. |
2012 |
2013 I Q. |
2013 II Q |
2013 III Q. |
2013 IV Q. |
2013 |
|
|
Brent |
108.5 |
95 |
100 |
106 |
105 |
95 |
110 |
105 |
104 |
|
WTI |
93 |
88 |
90 |
96 |
99 |
89 |
107 |
102 |
99 |