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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