Forecast: Oil may fall to 35 USD

Baku. 10 May. REPORT.AZ/ After 4-month growth trend on world markets, "Brent" crude oil price implemented correction falling to the level of 42 USD / barrel.

Report informs, during the last 4 months process of correction have begun in rising oil prices by 21.4 USD / barrel, or 79%. On April 25 Brent crude oil began to decline from the level of 48.5 USD / barrel and currently the price is below by 10% from this level. The reason for the decline were forest fires in the province of Alberta (Canada) and statement by oil minister of Saudi Arabia that the production will not be reduced.

Technical analysis by analytical group of Report shows that, if Brent crude oil price will not rise again after the correction to the level of 42 USD / barrel the price can be degraded to the level of 35-37 USD.

Despite this, prices expected to exceed 50 USD / barrel in summer. The average price of oil is expected to be higher than 40 USD / barrel up to the fourth quarter of 2016.