MOSCOW (Sputnik) — UBS also increased its forecast for West Texas Intermediate (WTI) crude prices from $43.50 to $48.
The bank expects Brent and WTI prices to further increase, reaching the average of $60 and $57 a barrel in 2017, accordingly.
Oil prices have plunged over the past two years from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. The price drop has been attributed to slowed global economic growth, decreasing energy demand and major producers flooding the market with oil. However, since January, global oil prices have grown by 75 percent since January. On Thursday, Brent stands at $49.22 a barrel.
