Oil prices could plunge to $50 amid escalating eurozone crisis: Credit Suisse

London, June 14 (ANI): Oil prices could almost halve in the later part of 2012 if the crisis in the eurozone escalates, the world-leading financial services company, Credit Suisse, has predicted.

According to analysts Jan Stuart and Stefan Revielle, Brent oil prices would again hit 50 dollars a barrel in a worst-case scenario.

"Oil demand would deflate sharply following acute crises of confidence," the Telegraph quoted the analysts, as saying.

They also said that all potential negative scenarios involved Europe "to some degree" with the starting point of collapse coming over the summer.

According to the report, Brent crude, however, rose 1.06 to 98.20 dollars after the US Energy Department said the country's stockpiles had seen a surprise fall of 191,000 barrels to 384.4m barrels last week.

Comparing the situation in 2008 and today, Stuart and Revielle noted that "global imbalances are worse and much of the available political and real capital has merely been squandered in the interim."

According to the paper, the comments come ahead of an expected clash between the Organisation of the Petroleum Exporting Countries' (OPEC) members at a key meeting in Vienna. (ANI)