Alexander van Dijk via flickr
Now analysts predict that Brent oil will cost an average of $ 65 per barrel compared to the previously expected $ 67.5 per barrel. For WTI, the forecast was lowered to $ 60 per barrel from $ 65 per barrel, according to a press release from the bank.
“After a recent extension, the OPEC + agreement will enter its fourth year — an unusually long period of production cuts. This prevents further overproduction, but at the expense of a significant market share for OPEC. If history can serve as a guide, this leads to a decrease in oil prices than growth ", - the bank’s experts say.
September futures for Brent crude on the London ICE Futures Exchange rose by $ 0.48 (0.77%) to $ 62.88 a barrel.
WTI crude oil futures for August on the New York Mercantile Exchange (NYMEX) by this time rose $ 0.43 (0.76%) to $ 56.68 a barrel.
source: bloomberg.com
“After a recent extension, the OPEC + agreement will enter its fourth year — an unusually long period of production cuts. This prevents further overproduction, but at the expense of a significant market share for OPEC. If history can serve as a guide, this leads to a decrease in oil prices than growth ", - the bank’s experts say.
September futures for Brent crude on the London ICE Futures Exchange rose by $ 0.48 (0.77%) to $ 62.88 a barrel.
WTI crude oil futures for August on the New York Mercantile Exchange (NYMEX) by this time rose $ 0.43 (0.76%) to $ 56.68 a barrel.
source: bloomberg.com