Oil prices to continue dropping till Q120: UK company

Baku, Azerbaijan, Nov.2

By Leman Zeynalova – Trend:

The prices for Brent and West Texas Intermediate (WTI) oil are expected to continue declining till the first quarter of 2020, UK-based Capital Economics consulting company said in its report obtained by Trend.

The company forecasts that the prices for Brent and WTI will stand at $70 per barrel and $62 per barrel in the last quarter of this year.

The predictions of Capital Economics show that the above figures will be the highest ones till the first quarter of 2020, as the prices will drop to $67 per barrel for Brent in the first quarter of 2019, while WTI prices will be $8 per barrel lower than Brent prices.

For the rest of 2019, the prices for Brent will be as follows: $65 per barrel in Q2, $60 per barrel in Q3 and $60 per barrel in Q4.

This is while WTI prices will stand at $57 per barrel in Q2 and $55 per barrel both in Q3 and Q4 of 2019.

As for the first quarter of 2020, the prices for Brent and WTI are forecasted at $59 per barrel and $54 per barrel respectively.

Regarding the current situation, the company said that there were sharp falls in oil prices in October on the back of concerns about a downturn in global growth.

“As it happens, it has been our long-held view that slower growth in consumption will weigh on oil prices in 2019. Rising US crude stocks was one factor driving market jitters about demand,” said the report.

Elsewhere, Asian LNG prices have slipped a bit, in tandem with the decline in oil prices, which could give a boost to already-strong LNG demand in the coming months, Capital Economics believes.

---

Follow the author on Twitter:@Lyaman_Zeyn

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