(VOVworld) – Global oil prices reached a 3-month peak, after forecasts said oil prices will increase over the next 2 years.

Expectations of falling production and growing global demand have boosted the oil market (Photo: Getty Images)

At the end of the New York Mercantile Exchange‘s Thursday session, WTI crude oil prices had increases 1.62 USD to 49.43 USD a barrel, after surging to 50.07 USD earlier in the session. In the London market on Thursday, Brent crude oil prices increased 1.72 USD to 53.05 USD a barrel. Global oil prices increased 8 per cent over the past week.