EIA predicts fall in world oil prices
Azerbaijan, Baku, Feb. 19 / Trend A.Badalova /
Brent oil spot price will average $ 109 per barrel in 2013, compared to $ 112 per barrel in 2012, the U.S. Energy Information Administration (EIA) predicts.
According to the EIA's Short-Term Energy Outlook, the highest average price for Brent in 2013 will be observed in the first quarter at $ 114.65 per barrel, while the lowest level will be observed in the fourth quarter at $ 105 per barrel.
In early February, 2013 Brent price reached $ 119 per barrel.
In 2014, the EIA expects Brent average price at $ 101 per barrel with the highest price at $ 103 per barrel in the fourth quarter and the lowest price at $ 99 per barrel in the fourth quarter of the year.
According to the EIA's forecasts, the average spot price for WTI (West Texas Intermediate) will amount to $ 92.81 per barrel in 2013, and $ 92.17 per barrel in 2014, compared to $ 94.12 per barrel in 2012.
The discount of WTI oil to Brent, which averaged $ 18 per barrel in 2012, is predicted by the EIA at $ 9 per barrel in 2014.
Following the auction on February 18, the price on Brent futures for April decreased by $ 0.28 per barrel to $ 117.38 per barrel. There was no trade for WTI crude futures on Monday due to a holiday in the US.