Citigroup has predicted the price of Brent oil near $60 in late 2016

Moscow. December 9. Analysts at Citigroup predict that at the end of next year the price of Brent crude oil will stay around $60 per barrel, informed Bloomberg Agency. In the review of the Bank noted that this forecast is “appreciable risk of revision to the downside”.

According to experts Citi, any victory of Saudi Arabia in the battle for the oil market “will, no doubt, a Pyrrhic” because the fall in oil prices leads to a dramatic reduction of income. The official selling prices of Saudi Arabia to “demonstrate that the Saudis will not stand aside, allowing the other members of OPEC to take market share”, put in the Bank.

The January futures for Brent crude on London’s ICE Futures exchange at 9:58 Moscow time has risen on 1,44% – to $40,84 per barrel. Futures prices for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) rose by 2.03% to $38,27 for a barrel.

Both brands ended the trading session on Tuesday to their lowest since February 2009.

The Ministry of economic development believes that high volatility in the oil market will continue for another two to three quarters, but then prices will go up, and the results 2016 baseline forecast of the Ministry on the price of oil at $50 a barrel is quite real. The head of the Ministry Alexei Ulyukayev said that the Ministry has also calculated the so-called pessimistic variant of the forecast, which assumes average annual oil prices at $40 per barrel in 2016. “In this version we do not go to positive GDP dynamics, industrial, investment and retail in 2016”, – he noted.