MOSCOW, June 30. /TASS/. Oil prices could remain in the $70-80 per barrel range through the end of the summer if the trend toward resolving the Middle East conflict continues, research director at Implementa Maria Belova told TASS.
"A reasonable target range through the end of the summer, provided the trend toward resolving the conflict in the Middle East continues and supplies through the Strait of Hormuz are steadily restored, is $70-80 per barrel. Through the end of the year, the range is $70-75 per barrel," Belova said.
According to the expert, price fluctuations are possible in the coming months, but they will largely remain within the indicated ranges. The main factors capable of influencing the market will continue to be news regarding the progress of negotiations in the Middle East and possible new attacks.
She noted that seasonal demand factors could smooth out sharp price swings: abnormal heat and high refinery utilization rates may lead to shortages of petroleum products in certain regions and the emergence of local price premiums on the spot market.
An additional factor supporting price growth, Belova said, could be technical and logistical difficulties in restoring supplies from Persian Gulf countries.