WB confirmed its forecast for oil prices in 2017 at $55 per barrel

Almaty. January 25. Silkroadnews – The World Bank (WB) has confirmed its forecast for oil prices to remain at $55 per barrel in 2017, the quarterly report of the Bank on the status and prospects of the commodity markets says.

Compared to the previous release the forecast on oil prices remains unchanged. The authors base their estimations on “partial compliance” by OPEC and other oil-producing countries with the agreements achieved on restriction of production.

The WB’s forecast projects the average annual price of oil to raise 29%o compared to 2016.

With this prices for precious metals at the world market are expected to fall by 7% in 2017 due to increase of bank interest rates and decrease in purchases of precious metals as a way of money saving.

As for prices for agricultural products, according to the World Bank, in 2017 these prices are expected to raise less than 1%. Prices for oil and oilseeds are projected to grow, while cereals prices are expected to become 3% cheaper “due to improved supply forecasts”.