U.S. analysts wait for increase in oil prices up to $100 per barrel this year

Azerbaijan, Baku, April 30 / Trend A. Badalova /

Analysts of one of the largest U.S. investment banks, Morgan Stanley, predict achievements in oil prices at $100 per barrel in 2011.

According to a report posted on its official website, optimistic macroeconomic indicators support global oil prices.

Oil prices on the world market for the last trading day Thursday, April 29 significantly increased. June futures for Brent North Sea crude oil on the London Stock Exchange increased by $0.74 to $86.9 per barrel. The cost of the June futures on U.S. crude WTI on the New York Mercantile Exchange increased by $1.95 to $85.17 per barrel.

Higher prices are connected with positive macroeconomic data from the United States, as well as the weakening of the U.S. dollar on world currency markets.

Analysts at Morgan Stanley forecast the price of WTI at $95 per barrel in late 2010. In 2012, analysts of the bank forecast the price for this kind of oil will reach $105 a barrel.

Analysts predict an increase in world oil demand by 850,000 barrels per day up to 87 million barrels per day, as well as an increase in OPEC oil production in the second half of the year.

According to the U.S. Energy Information Administration's forecasts (EIA), the average price of WTI will be $85 per barrel by the end of 2011 and less than $81 per barrel in 2010. EIA forecasts that world oil demand will increase this year by 1.5 million barrels per day up to 85.5 million barrels per day. EIA also predicts an increase in this year's oil output by OPEC at 0.3 million barrels per day to 29.4 million barrels per day.

The quota set by OPEC on oil production is 24.84 million barrels a day. Kuwaiti Oil Minister Ahmad al-Abdullah recently said the cartel can increase its production in the case of an excessive oil price of $100 per barrel. OPEC members believe that the current oil prices are fair and convenient for both producers and consumers.

Analysts of the U.S. bank Goldman Sachs forecast the average price of U.S. crude WTI in 2011 will reach $110 per barrel. This year, U.S. analysts predict the price at $90 per barrel.

Forecasts of analysts on prices for WTI ($ per barrel.)