European Commission raises outlook for average annual oil price for 2022-2023

The European Commission raised its forecast for the average annual oil price for the current year to $108 per barrel, Report informs, citing EC's summer economic forecast.

According to forecasts, in 2023 the price of oil is expected at $96 per barrel compared to the previous spring forecast.

Oil prices are expected to average $108/bbl in 2022 and $96/bbl in 2023. This is marginally higher in both years than expected in the spring, but significantly higher than $71/bbl in 2021, the document reads.