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Analysts forecast oil price decline to $35 a barrel

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Analysts forecast oil price decline to $35 a barrel

Oil prices will continue falling in the near future due to global oversupply.

It is said in a press release by International Financial Holding FIBO Group, UNIAN reports.

Oil prices can drop to $35-40 per barrel, according to the company's analysts. "Iran’s return to the energy market will lead to the release of up to 1 billion barrels of oil with a further increase to 4 billion. According to analysts, Iran is the factor of pressure on the price of oil in the coming period,” the press service reports.

The price of oil also pressured down by the increased number of new oil production wells in the US against the backdrop of a significant reduction in the cost of shale oil production to $35 per barrel.

Oil prices are also affected by a decline in gas and oil consumption that leads to an increase in world oil inventories, analysts explain.

OPEC basket prices dropped 1.46% to $50.54 a barrel on July 28 compared to $51.29 the previous day, but later grew a little.

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