The US Department of Energy has raised its forecast for the average price of Brent benchmark oil in 2025 from $73.58 to $74.31, APA-Economics reports citing the reports of US Department of Energy's Energy Information Administration (EIA).
The price of WTI crude oil is expected to be $70.31 in 2025 (previous forecast - $69.12).
In addition, the EIA has announced its forecast for the average prices of the mentioned oil brands for 2026. Thus, according to the organization's assumption, the average price of a barrel of Brent next year will be $66.46 and WTI will be $62.46.
Noted that the price of Brent and WTI oil in 2024 was $80.56 (previous forecast - $80.49) and $76.6 (previous forecast - $76.51), respectively.