Deutsche Bank: $ 70 per barrel of oil a very high figure

Baku. 16 January. REPORT.AZ/ However, improvement in the dynamics of oil prices in recent months is a substantial process, $ 70 per barrel is extremely high figure.

Report informs citing the Forexpf.ru, Deutsche Bank analysts said.

Although bank analysts increased their oil price forecasts, they advise not to expect price increases to continue. According to the bank forecasts, along with improving the overall environment in the oil market, OECD countries' oil reserves normalization has caused OPEC+ countries to begin negotiations on oil production cut deal. It is noted that exit from the OPEC+ deal is likely to be more operative than US shale oil production acceleration reports to lower oil prices.

According to bank experts, OPEC+ deal will end in 2018. Also, Deutsche Bank analysts said that African countries demand for oil will increase in 2018 and production sharply decline in Venezuela. The bank increased its forecast price for Brent oil to $ 62 from $ 55 in 2018 and 2019 as well as to $ 56 from $ 51 for WTI oil in 2018.