"We can see a natural decrease in supply as a number of oil extracting companies go bankrupt. This will keep the price from falling to a level we have seen recently," Gitanas Nauseda, SEB Bankas' economist, said while presenting the bank's latest macroeconomic report on Thursday.
"We expect that the oil price will be higher than 40 US dollars throughout the rest of 2016 and will possibly approach 50 US dollars per barrel," he said.
Oil prices hit a 2016 high on Wednesday following reports that US crude production last week fell by 15,000 to 8.94 million barrels a day.
