Swiss bank UBS expects that demand for crude oil and petroleum products in the world is likely to decline until the end of the third quarter of 2009. "We expect weak growth until the end of 2009," said an economist at UBS AG in New York, Ian Stewart. According to an expert on oil trades in the current year so far influenced by supply and demand factors, rather than asset sales and technical analysis, which led to the collapse of the market in October-December, Interfax reported, citing agency Bloomberg. "We believe that this could be the first tentative step towards the normalization of the oil markets" - hopes the analyst. The average cost of crude oil WTI in I quarter will be $ 55 per barrel, in II - $ 50 per barrel in the third - $ 70 per barrel in the fourth - $ 65 per barrel and $ 60 for the whole year, predicts Stewart. The International Energy Agency announced last week a possible reduction in oil demand in 2009 against the background of global recession - the first time since 1983, demand will fall 2 years in a row.
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