Analysts at the British consulting company Capital Economics expect oil prices to rise over the next two years exceeding $60 a barrel.

“We expect oil prices to edge up over the coming years, but to remain far below their levels in early 2014,” analysts said in a report, obtained by Trend July 22.

In 2014 oil prices stood above $100 a barrel.

According to the analysts’s forecasts, oil prices will average $60 a barrel in 2017. In 2018 analysts expects the prices to average $65 a barrel.

In 2016, the the average price for oil will amount to $45 a barrel compared to $36 a barrel in 2015.

Oil prices pulled back on Friday, weighed down by a glut in oil products that is stoking market concerns that rebalancing will take longer than hoped.

The global benchmark, Brent, shed 0.5 percent to $45.98 a barrel. Its U.S. counterpart, West Texas Intermediate, fell 0.9 percent to $44.37 a barrel, the Wall Street Journal reported.

/By Trend/