Oil prices to fall to $40 a barrel in medium-term and $20-25 вЂ" long-term perspective
(Reuters) The oil prices will continue a drop from record point, established in August,
John Brawn, the President of BP Plc company, said.
In the medium-term perspective the oil prices will be $40, while in the long-term perspective it will fell to $20-35 in connection with the delay in the growth pace of demand.
"Current oil prices will not stable and drop to approximately $40per barrel in the medium-term perspective," Brawn said, avoiding elaborating the exact term.
In August 2005 the price of the US light oil WTI reached its record at $71 per barrel due to Katrine hurricane in the Mexican Gulf. At present oil prices fell approximately 20% to $56.90 per barrel.