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EIA revises up crude oil price forecasts for 2018, 2019
Oil & Gas Journal: Brent crude oil spot prices averaged $72/bbl in April, an increase of $6/bbl from the March level and the first time monthly Brent crude oil prices have averaged more than $70/bbl since November 2014.
In its latest Short-Term Energy Outlook, the US Energy Information Administration forecasts that Brent crude oil spot prices will average $71/bbl in 2018 and $66/bbl in 2019. These are $7/bbl and $3/bbl higher, respectively, than in the April STEO. EIA expects West Texas Intermediate crude prices to average $5/bbl lower than Brent prices in both 2018 and 2019.
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