Bank StanChart has predicted a rise in price of WTI crude oil to $70 by the end of 2016

Moscow. December 14. Oil prices will increase in 2016 because the Organization of countries-exporters of oil (OPEC) and other major producers will not be able to meet the growing global demand in full, predict analysts at Standard Chartered.

WTI crude oil in the fourth quarter of 2016 will rise to an average of $70 per barrel, said in an interview with Bloomberg Bank’s chief economist for Asia David Mann.

“Gives OPEC control over prices, since it just pumps oil to the maximum. Meanwhile the rest can’t produce enough oil at current prices,” he said.

Oil production from US shale deposits, the cost of which is higher than traditional fields, has already dropped more than 400 thousand barrels per day due to falling prices, said the expert.

In the course of trading on Monday oil prices continued to fall, the January contract for WTI fell 0.7% to $35,35 per barrel, the lowest level since December 2008.