Baku, Azerbaijan, Sept.4
By Leman Zeynalova – Trend:
Brent prices are expected to stand at $63 per barrel as of the third quarter of 2019, before dropping to $60 per barrel in the fourth quarter of the year, Trend reports citing the forecasts of the UK-based Capital Economics consulting company.
The prices for Brent will recover in 2020, standing at $62 per barrel and $64 per barrel in the first and second quarters of 2019, respectively, according to the company.
Brent prices will continue to rise in the subsequent quarters of the next year, ending the third and fourth quarters with $65 per barrel.
When coming to West Texas Intermediate (WTI), the company expects the prices for this oil to stand at $56 per barrel in the third quarter of 2019 and $55 per barrel in the fourth quarter.
Capital Economics forecasts growth in WTI prices in 2020, when the prices will rise to $57 per barrel and $59 per barrel in the first and second quarters, respectively.
WTI will continue to rise in price in the third and fourth quarters of 2020, reaching $61 per barrel and $62 per barrel, respectively, said the company.
The US Energy Information Administration (EIA) said in its August Short-term Energy Outlook (STEO) that Brent spot prices will average $64 per barrel in the second half of 2019 and $65 per barrel in 2020.
EIA expects West Texas Intermediate (WTI) crude oil prices will average $5.50/b less than Brent prices during the fourth quarter of 2019 and in 2020, narrowing from the $6.60/b spread during July.
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