Baku, January 28, AZERTAC

Standard Chartered Bank said Thursday it expected oil prices to sharply rebound this year, with Brent crude possibly rising to as high as $75 a barrel, according to marketwatch.

Marios Maratheftis, chief economist at Standard Chartered, told reporters in a briefing that a rapid drop in supply was likely in the second half of the year, as oil producers grappled with high production costs and the end of hedges they used to cover the difference.

"We view this from a supply-demand dynamics," said Mr. Maratheftis, pointing out that the talk of a supply glut was based on only one million barrels of excess supply.

He said the bank expected oil prices to rise between $70 and $75 a barrel by the fourth quarter. He said that projection already took into account the entry of Iran, which Standard Chartered estimated would add 400,000 barrels a day in global supply.

Global oil prices have pushed below $30 a barrel at times since the start of this year. On Thursday, the price of Brent crude, the global benchmark, was at $33.19.