Experts predict the rise of oil prices.
Oil prices have reached its bottom and will end this year at $50 per barrel, Korrespondent.net reports.
Thus, the founder of Andurand Capital Management Pierre Andurand, who previously correctly predicted decline in quotes, considers that oil prices should rise to $50 a barrel this year and $70 a barrel in 2017.
The President of the oil trader Mercuria Energy Group Marco Dunand stated in Davos Forum that the market closed to the minimum, when Brent crude oil dipped below $30 a barrel.
“Oil companies work strained to the limit, and some already extract with loss. The oil market is reaching its bottom”, said Dunand.
He stated that there won’t be a fast recovery of oil prices, adding that companies will have to work at a loss, - said Dunand.
It should be noted that today oil prices will decrease. Thus, Brent crude oil dropped by $1.19 (3.7%) and costs $30.99 a barrel.
WTI crude oil price decreased by $1.26 (3.91 percent), dropping to $30.93 a barrel.
According to analysts, oil prices can rocket to 250 dollars a barrel, if the conflict between Saudi Arabia and Iran would spiral into “hot” water.
The UN report says that oil price in 2016 will continue to decrease and the average index as per results of the year will be $51 a barrel of Brent crude oil.
