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EBRD reveals medium term forecast for Brent oil price

Oil&Gas Materials 7 November 2017 20:55 (UTC +04:00)
The European Bank for Reconstruction and Development (EBRD) expects the price of Brent oil to remain around $55-$65 per barrel in the medium term.
EBRD reveals medium term forecast for Brent oil price

Baku, Azerbaijan, Nov. 7

By Maksim Tsurkov – Trend:

The European Bank for Reconstruction and Development (EBRD) expects the price of Brent oil to remain around $55-$65 per barrel in the medium term.

“The price of Brent oil is expected to remain around $55-$65 per barrel in the medium term as long as increases in demand can be met by scaled up production of shale oil in the US,” reads the bank's updated Regional Economic Prospects report.

In September 2017, oil prices edged up reaching their highest level since the summer of 2015, in part owing to a weaker US dollar and stronger global demand for oil, according to the EBRD report.

“The average oil price in the first 10 months of 2017 was 19 percent higher than in the same period of 2016,” the report said.

The price for January futures of the North Sea Brent oil mix stood at $63.87 per barrel, while the price for December futures of WTI oil stood at $57.07 per barrel Nov. 7 evening.

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