Energy prices to rise 25pc next year: WB

WASHINGTON: Global energy prices are forecast to rise by nearly 25 per cent next year, the World Bank said. A barrel of crude oil is forecast to cost an average of $55 in 2017, the World Bank said, revising upward a previous forecast by an average of $2 following a move by oil producing nations to limit production. The average price of oil has stood at $43 per barrel this year. “We expect a solid rise in energy prices, led by oil, next year,” economist John Baffes said. Oil, natural gas and coal will all rise in price by nearly 25 per cent amid rising commodities prices that will also see the costs of metals and minerals rise by an average of 4.1 per cent. — dpa