OIL PRICE TO REMAIN LOW IN SEPTEMBER BUT WILL NOT FALL TO $35/BBL

The price of oil in September will remain low, perhaps even with a slight decrease from the current levels below $ 40 per barrel, experts told TASS on Friday.

In October, the downward trend is likely to be interrupted and a gradual growth will begin, which will accelerate in November and December, they said.

"There will not be a serious decline in the oil price in September - it is unlikely to fall closer to $ 35 per barrel. Now there is a revision, according to the forecast, for practically all agencies with a drawdown (oil prices) in September and October.

In November, we will enter a further growth trend," said Andrei Polishchuk, an analyst at Raiffeisen Bank. He also added that as early as the fourth quarter of this year, the price of oil may rise to $ 47 per barrel. The research director of VYGON Consulting Maria Belova does not see any grounds for a further decrease in oil prices in the current conditions.

She believes that in today's conditions the equilibrium oil price is in the range of $ 40-42 per barrel. The head of the analytical department of AMarkets Artem Deev added that by the end of 2020 the average oil price will be from $ 40 to $ 50 per barrel, but it will not exceed this level.

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