Azerbaijan, Baku, Oct. 23 / Trend capital A. Badalova /
According to the analysts of one of the biggest U.S banks, JPMorgan, the world economy is still weak to keep oil prices at a level above $80 per barrel. The sharp rise in world oil prices could put an end to restoration of the economy.
Since early week, oil prices in the world markets have risen by 4 percent on the background of recovery in the U.S. stock market. As a result of an auction at the New York commodity exchange on Oct. 22, the cost of November's futures contract for WTI U.S light oil was $81.19 per barrel. The official price for December's futures contract for Brent North Sea oil was $79.51 per barrel at the London exchange.
According to new forecasts from the bank, the average price for WTI will hit $60.34 per barrel in 2009 and $68.75 in 2010. Before, the bank forecasted prices to the amount of $59.09 and $67.5 per barrel respectively.
The U.S bank's report said that the highest price for WTI will hit $70 per barrel in the fourth quarter of 2009.
The U.S. bank reported the highest level of prices for WTI in the next year will be observed in the first, third and fourth quarters - $70 per barrel. In the second quarter of next year, the bank predicts that the price will stand at $65 per barrel.
JPMorgan forecasts the average price for Brent North Sea oil to come to the amount of $61.62 per barrel in 2009 and the oil price will reach $70 per barrel in 2010. In the fourth quarter of 2009 the index will hit $73 per barrel.
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