British analysts say oil price to stay stable in 2015

Oil&Gas Materials 10 March 2015 18:04 (UTC +04:00)

Baku, Azerbaijan, March 10
By Aygun Badalova - Trend:

Oil prices on the world market will stay stable at $60 per barrel in the course of 2015, analysts at British economic research and consulting company Capital Economics believe.
Price for Brent, which is the benchmark price for products in Europe and Asia will amount to $60 per barrel in all four quarters of this year. In the first quarter of 2016 analysts expect Brent price to slightly rise averaging $62 per barrel.

Analysts also believe that the possible deal between Iran and US could be a factor which will keep oil prices low over the next few years.

If the two sides do come to a deal in talks which resumed last week, the eventual return of Iranian oil should help to keep oil prices low over the next few years, according to the report obtained by Trend.

Oil prices have fell by more than 50 percent from last June.

During electronic trading on the New York Mercantile Exchange on March 9, the West Texas Intermediate (WTI) for April 15 delivery decreased by $0.8 to $49.2 a barrel.
Brent crude for April 15 delivery decreased by $1.08 to $57.45 a barrel on the London-based ICE Futures Europe exchange.

Brent prices fell following OPEC general secretary Abdalla El-Badri statement that global oil demand could increase for the second half of the year as supply is trimmed.

OPEC expects oil consumption to increase to 1.2 million barrels per day compared to 1 million barrels per day in 2014.

Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova