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Oil prices may drop below $100 per barrel by yearend

According to the official forecast, in 2014 the oil price per barrel should make up $101

Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, June 28 (Itar-Tass) - Russia’s Economic Development Ministry forecasts that the oil prices may drop below $100 per barrel by the end of the year.

“I think that by the end of the year or early next year there is a high probability that the oil price will be lower than $100,” Deputy Economic Development Minister Andrei Klepach told reporters on Friday.

The deputy minister said at this moment the official forecast remains unchanged. It is expected that by the end of the year the oil price per barrel will total $105. Nevertheless, he said “there is a substantial probability that the price per barrel will be slightly lower.”

According to the official forecast, in 2014 the oil price per barrel should make up $101.

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