Baku, Azerbaijan, Dec.13
By Leman Zeynalova – Trend:
Brent spot prices are expected to average $57 per barrel in 2018, according to the December Short-term Energy Outlook (STEO) released by the US Energy Information Administration (EIA).
For 2017, EIA forecasts Brent prices to average at $54 per barrel in 2017.
West Texas Intermediate (WTI) crude oil prices are forecast to average $4 per barrel lower than Brent prices in 2018, according to the report.
This is while in November STEO, EIA expected Brent spot prices to average $53 per barrel in 2017 and $56 per barrel in 2018.
West Texas Intermediate (WTI) crude oil prices were forecast to average almost $5 per barrel lower than Brent prices in 2018, according to EIA estimates in the previous STEO.
“North Sea Brent crude oil spot prices averaged $63 per barrel in November, an increase of $5 per barrel from the average in October. After averaging $2 per barrel lower than Brent prices through the first eight months of 2017, WTI prices averaged $6 per barrel lower than Brent prices from September through November,” said the report.
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