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Oil prices on world markets continue their decline. As a result of trades on January 12, the price fell to its lowest level since early 2010. The February futures for Brent North Sea oil on the London Stock Exchange fell by $1.67 up to $79.3 per barrel. The cost of the February futures on U.S. WTI oil on the New York Mercantile Exchange fell by $1.73 up to $80.79 per barrel.
Despite analysts' various expectations for world oil prices, forecasts suggest slight rise in prices in the short and medium term.
One of the largest U.S. investment bank Goldman Sachs predicts the average price of oil at $90 per barrel in 2010 and $110 per barrel in 2011.
Unlike Goldman Sachs, analysts of Bank of America-Merrill Lynch believe that oil prices will reach a level of $100 per barrel earlier - by the end of 2010.
Analysts of another American bank Morgan Stanley expects a sharp increase in the oil price in the first quarter of 2010 compared to the same period of last year. The price for U.S. WTI oil will total $85 per barrel as a result of 2010.
По прогнозам государственного управления энергетической информации США, средняя цена WTI составит в 2010 году 80 долларов за баррель, а в 2011 году поднимется до 84 долларов за баррель.
According to forecasts of U.S. Energy Information Administration, the average WTI price in 2010 will amount to $80 per barrel, and in 2011 will rise to $84 per barrel.
European analysts are much more pessimistic than their American counterparts.
According to analysts of the German Deutsche Bank, the average price for U.S. crude oil will be $65 per barrel this year. Analysts predict the price of oil at $75 per barrel in the first quarter of the year and $60 per barrel in the third and fourth quarters of the year.
Analysts of Britain's leading independent macroeconomic research consultancy Capital Economics predict oil price to decline up to $50 per barrel in the fourth quarter of this year. As a result of 2010, analysts forecast an average price at $62.5 per barrel and $50 per barrel in 2011.
Forecasts on oil prices in 2010 and 2011 ($/barrel)
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