Baku, Azerbaijan, June 16
By Leman Zeynalova – Trend:
Brent crude oil prices are expected to stand at $60 per barrel in the fourth quarter of 2017, says an analysis done by the UK-based consulting company Capital Economics.
This is while Brent price is forecast to stand at $55 per barrel as of the third quarter of 2017, according to the analysis obtained by Trend.
Capital Economics expects Brent price at $55 per barrel as of late 2018.
“The prices of most of the energy commodities we follow have fallen over the last month. The main exceptions were coal prices which were boosted by hotter weather in China and the US announcing it would withdraw from the Paris Agreement on climate change,” said the report.
The relationship between net non-commercial long positions in Brent and WTI (West Texas Intermediate) and prices has been especially strong over the last few months as fluctuations in investor sentiment have driven prices, according to the consulting company.
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