The U.S. Department of Energy has raised its forecast for the average price of Brent crude oil in 2025 from $67.8 to $68.64 per barrel, APA-Economics reports, citing a report by U.S. Department of Energy’s Energy Information Administration (EIA)
The price of WTI (West Texas Intermediate) crude oil is expected to be around $65 in 2025 (previous forecast – $64.16).
In addition, the EIA has updated its forecast for the average prices of the mentioned crude oil benchmarks for 2026. The agency now estimates that the average price of Brent crude next year will be $52.16 per barrel (previous forecast – $51.43), and WTI will be $48.5 per barrel (previous forecast – $47.77).
It is noted that in 2024, the prices of Brent and WTI crude oil stood at $80.56 and $76.6 per barrel, respectively.
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