Oil prices not to exceed $60/bbl by 2020
Baku, Azerbaijan, Feb.12
By Leman Zeynalova – Trend:
Brent crude oil prices will range between $64 and $60 per barrel throughout 2018, according to the British economic research and consulting company Capital Economics.
The quarterly forecast for Brent is as follows: $64 per barrel in Q1 2018, $63 per barrel in Q2, $62 per barrel in Q3 and $60 per barrel in Q4, according to the report obtained by Trend.
“We think that concerns about surging supply in the US will put further downward pressure on oil prices in the coming months, even if global equity markets stabilize,” said the company analysts.
Capital Economics expects Brent prices to stand at $55 per barrel in 2019 and $60 per barrel as of 2020.
As for West Texas Intermediate (WTI) oil, the company expects quarterly prices as follows: $60 per barrel in Q1 2018, $59 per barrel in Q2, $58 per barrel in Q3 and $55 per barrel in Q4.
WTI prices are likely to stand at $52 per barrel and $60 per barrel in 2018, and 2019, respectively.
OPEC oil basket price is forecast to conclude 2018 with $57 per barrel, drop to $52 per barrel in 2019 and rise back to $57 per barrel in 2020.
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