Dubai-Mubasher: The International Monetary Fund (IMF) said it expects the average oil price to reach $58 a barrel in 2015, then to rise gradually to $74 by 2020.

Oil prices declined by 50% from July 2014 until April 2015.

The IMF ascribed the forecasts to weak investments in the oil sector, low output and increasing demand.

The prices will continue declining in the medium-term, the fund said, lowering the market forecasts by nearly 20% since October 2014.