The last time this level was reached in 2014
On Thursday, oil prices reached levels not seen for the last five years. They went up sharply after the data about reduction of stocks of oil and gasoline in the United States, which reduced fears of lower demand for oil in the world.
According to the latest report of the energy information Administration of U.S. Department of energy, crude oil inventories declined by 1.4 million barrels last week. According to forecasts, the decrease would be only 763 thousand barrels.
Earlier this week the International energy Agency revised its forecast for oil demand in 2018 from 1.5 million to 1.4 million barrels per day. The decrease in demand is due to rising prices. In addition to the statistics from America to increase oil prices led announced new U.S. sanctions against Iran.
In this edition of The Bell published the forecast of analysts of Bank Morgan Stanley that oil prices will soon reach the level of 90 dollars per barrel due to the fact that by 2020 will come into force the new international requirements to ship fuel, prohibiting the use of petroleum products with high sulfur content. This will lead to oversupply of high-sulphur fuel oil and the growth of demand for petroleum products that meet the new requirements by about half.
Analysts at Morgan Stanley say that the last time the deficit of middle distillates was observed in 2007-2008 and became one of the factors of the last peak in oil prices, when they approached $ 150 per barrel.
Previously, said The Bell, analysts Merrill Lynch predicted that in the next year and a half on the world market should experience a deficit, which will be the U.S. sanctions against Iran and the collapse of Venezuela’s oil exports. In the second quarter of 2019 oil will cost $ 90 and may rise to $ 100, the Bank said.