Oil prices to remain below $50 until year end – British analysts

Oil&Gas Materials 20 July 2016 16:14 (UTC +04:00)

Baku, Azerbaijan, July 20

By Aygun Badalova – Trend:

Oil prices will remain below $50 a barrel until the end of the year, analysts at the British consulting company Capital Economics believe.

Oil prices have fallen back since the start of July, as disruptions to supply have eased, analysts mentioned in their report, obtained by Trend.

The analysts forecast no significant growth in oil prices this year with Brent price to average $45 per barrel in the third and fourth quarters of the year.

For 2017, analysts forecast Brent to average $60 per barrel.

Crude prices edged higher June 20, supported by expectations that US crude inventories contracted last week, but gains were constrained by elevated stocks of fuel products, the Wall Street Journal reported.

Brent crude rose 0.5 percent to $46.92 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, WTI futures were trading up 0.4 percent at $45.63 a barrel.