Azerbaijan, Baku, Aug.15 / Trend, A. Badalova /
The average price of North Sea Brent oil in the third quarter of 2011 will amount to $110 per barrel, U.S. bank JP Morgan analysts believe.
The major risks of lower oil prices are the debt problems in the Eurozone and the United States, and the likely resolution of the Libyan crisis.
"Economic growth in developing countries is likely to be a key motive factor for oil prices in the short term perspective," the analysts said.
Despite the current downward trend in oil prices amid fears of the global economy, JP Morgan expects a price growth by late 2011.
According to the analysts, the Brent price in the fourth quarter will be $115 per barrel.