Oil prices to drop in world market next year -FORECAST

Oil prices to drop in world market next year -FORECAST
# 10 January 2024 11:16 (UTC +04:00)

The US Department of Energy lowered its forecast for the average price of "Brent" benchmark oil in 2024 from USD 82.57 to USD 82.49, APA-Economics reports citing report of U.S. Energy Information Administration (EIA) of Department of Energy.

According to the information, the average price of oil in 2023 was USD 82.41 (previous forecast - USD 82.4).

Based on the report, the average price of one barrel of WTI crude oil in 2023 amounted to USD 77.58 (previous forecast – USD 77.63). In 2024, its indicator is forecasted to be USD 77,99 (previous forecast – USD 78.07).

Besides, the organization also announced the forecast for the prices of Brent and WTI oil brands for 2025. Thus, EIA expects the price of Brent to be at USD 79.48 and WTI at USD 74.98 next year.

It was noted that, during the previous year, the average price of Brent was USD 100.94, and the average price of WTI was USD 94.91.

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