Baku, Azerbaijan, June 1
By Aygun Badalova - Trend:
Analysts of the British consulting company Capital Economics expect the further rise of oil prices.
"Looking forward, we expect further gains - to around $60 - for both Brent and WTI in 2017," analysts said in a report, obtained by Trend.
But the path from here is likely to be bumpier, analysts believe.
They mentioned, that indeed, oil prices staged a similar recovery in the early months of 2015, only to fall sharply.
"There is a high chance of at least a temporary correction over the remainder of this year too if some of the global supply disruptions ease and/or US drilling activity rebounds," analysts said.
Crude oil prices fell Thursday morning as markets awaited the outcome of OPEC meeting today, where discussion on a collective production ceiling could be revived, the Wall Street Journal reported.
Global crude benchmark Brent was down 0.9 percent at $49.27 a barrel for August loadings, while its US counterpart WTI was down 1.2 percent at $48.41 a barrel for July deliveries.