EIA: Brent crude oil price to go over $50 in 2017
Baku, Azerbaijan, Nov.10
By Leman Zeynalova – Trend:
The US Energy Information Administration's (EIA) Short-Term Energy Outlook forecasts that North Sea Brent crude oil prices will average $43 per barrel in 2016 and $51/b in 2017.
EIA expects that West Texas Intermediate (WTI) prices will average $43/b in 2016 and $50/b in 2017.
A range from $35/b to $66/b encompasses the market expectation of WTI prices in February 2017 with 95 percent confidence, according to the report.
The 95 percent confidence interval for market expectations widens over time, with lower and upper limits of $27/b and $96/b for prices in December 2017, said EIA.
The WTI price was $44.07 per barrel on November 4, or $4.65 under last week’s price and $0.25 below a year ago, EIA said in This Week in Petroleum report.
Oil prices reversed some early losses to push higher on Nov.10. US West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3 percent, from their last settlement at $45.42 a barrel at 06:26 GMT.