27 February 2015, 17:57  Oil prices could start rising in the second half of 2015

A survey conducted by Reuters on Friday showed Oil prices may have bottomed out and could start rising in the second half of 2015 as falling prices in 2014 leads to curb in production. Prices may weaken in the short-term on concerns of over supply said the 34 economists and analysts surveyed in the poll. But the prices are expected to recover, taking the Brent Crude futures to USD 59/barrel in 2015 and USD 71.80/barrel in 2016. Twenty-three of the 31 analysts who contributed to both the January and February Reuters polls retained their forecasts from last month, but eight increased their outlook. The analysts also said that prices are likely to find support due to a slowdown in the OPEC crude production. Unrest in the Middle East and North Africa, especially in Iraq, could also support prices. At the moment, Brent Crude trades at USD 61.08/barrel, compared to the high of USD 115/barrel seen in last June, while WTI Crude trades at USD 48.90/barrel, compared to the high of USD 107.73/barrel seen in last June.

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