US Energy Information Administration (EIA) forecasts Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b in 2021, compared with an average of $64/b in 2019, Report says, citing the EIA.
EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021.
For 2020, EIA’s WTI crude oil price forecast rises by $2 per barrel (b) from 2019 levels to an average of $59/b for the year. For 2021, EIA expects WTI prices will increase further to an average of $62/b.