Forecast: Oil prices will rise

Forecast: Oil prices will rise
Oil prices will exceed 50 USD per barrel

Baku. 5 May. REPORT.AZ/ World oil prices after a slight correction started to rise again. Report informs, in April Brent crude increased by 11 USD per barrel or 30% - to 48 USD per barrel. After a sharp rise oil prices have been adjusted slightly downwards, which was 9%, and again began to rise on news from the US and Canada.

According to Carsten Fritsch from Commerzbank, oil prices are rising as a result of forest fires in the Canadian province of Alberta oil. Suncor Energy Company was forced to reduce production in order to evacuate the employees and their families.

At the same time, oil imports in US reached a maximum of 20 years. Since the beginning of May 2015 in the oil imports grew by 20%, to about 8 million barrels per day.

Also yesterday, American Petroleum Institute (API) reported an increase last week in the US commercial stocks of oil at 1.3 mln barrels, gasoline inventories decreased by 1.2 mln barrels. Investors perceive this as the growth in oil demand. As a result, today, oil prices rose by 2.76% - to 45.85 USD/barrel.

Analytical group of Report predicts that oil prices will continue to rise and will exceed 50 USD/barrel.

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