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SEB Lithuania: oil price to stay above US 40 a barrel in 2016
BC, Vilnius, 28.04.2016.
Print version
Print versionAnalysts at SEB Bankas, Lithuania's largest commercial bank by assets, expect that a decline in the global oil supply will keep crude prices more stable this year and forecast that the average oil price in 2016 will stay above 40 US dollars per barrel, informs LETA/BNS.
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"We can see a natural decrease in supply as a number of oil extracting companies go bankrupt. This will keep the price from falling to a level we have seen recently," Gitanas Nauseda, SEB Bankas' economist, said while presenting the bank's latest macroeconomic report on Thursday.
"We expect that the oil price will be higher than 40 US dollars throughout the rest of 2016 and will possibly approach 50 US dollars per barrel," he said.
Oil prices hit a 2016 high on Wednesday following reports that US crude production last week fell by 15,000 to 8.94 million barrels a day.
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