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EIA revises down forecasts for oil prices

Oil&Gas Materials 7 June 2017 11:18 (UTC +04:00)
Brent spot prices are expected to average $53 per barrel in 2017 and $56 per barrel in 2018.
EIA revises down forecasts for oil prices

Baku, Azerbaijan, June 7

By Leman Zeynalova – Trend:

Brent spot prices are expected to average $53 per barrel in 2017 and $56 per barrel in 2018, the US Energy Information Administration (EIA) said in its June Short-Term Energy Outlook (STEO).

West Texas Intermediate (WTI) crude oil prices are forecast to average $2 per barrel less than Brent prices in both 2017 and 2018, according to the report.

The quarterly forecasts for WTI oil prices for 2018 is as follows: $50.35 per barrel in Q1, $53.00 per barrel in Q2, $55.00 per barrel in Q3, $56.00 per barrel in Q4.

This is while the price of Brent crude oil is expected to stand at $52.35 per barrel in Q1, $55.00 per barrel in Q2, $57.00 per barrel in Q3 and $58.00 per barrel in Q4.

May Brent and WTI monthly average spot prices were $1.98 per barrel and $2.54 per barrel lower, respectively, than the April averages, according to the report.

Brent front-month crude oil prices declined by 89 cents per barrel since May 1, settling at $50.63 per barrel on June 1, said the EIA.

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