US Department of Energy: Oil prices may reach $91 in 1Q25

The US Department of Energy has raised its forecast for the price of Brent oil in 2024 by 2.4%, from $84.15 to $86.37 per barrel, Report informs, citing the Energy Information Administration (EIA).

According to the analysis, in 2025 the Brent price is expected to reach $88.38 per barrel, which is 3.5% higher than the previous forecast.

The department noted that Brent prices rose to $88 per barrel in early July after falling to about $75 per barrel in June amid OPEC+ decisions.

“We expect oil prices will increase from an average of $82/b in June to $89/b for the remainder of 2024 and $91/b in 1Q25,” the EIA noted.

The price of WTI crude oil is forecast at $86.37 per barrel in 2024 and $88.38 per barrel in 2025.