World Bank increased forecast of oil price in 2016 by $2.00

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World Bank – oil price

The World Bank has increased the forecast of oil price in 2016 from $41.00 to $43.00, due to active demand in oil products in the quarter 2 and reduction of oil excess at the markets, reported BO.

“We expect insignificant rise of oil price in the second half of 2016, because of reduction of excess at the oil markets,” said BP chief economist John Buffez.

Irregular oil products’ supplies in some regions, in particular, those caused by the forests in Canada and act of terrorism on the oil fields in Nigeria, have affected change of the forecast.

At yesterday’s auctions oil prices went down to the two months minimums, because of fears of excess of resources at the market and a low demand of the oil refineries.

Last week number of operating drilling rigs in the US increased by 14 up to 371 and this growth has been going on for four weeks in a row, according to Baker Hughes Inc data released on Friday.

Quotes of September futures for Brent oil brand at London ICE exchange dropped by 0.25% to $44.57 per barrel.

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