The U.S. Department of Energy has reduced its forecast for the average price of Brent benchmark oil in 2025 from $74.5 to $74.22, APA-Economics reports citing the U.S. Department of Energy's Energy Information Administration (EIA).
The price of WTI crude oil is expected to be $70.68 in 2025 (previous forecast – $70.62).
Additionally, the EIA has updated its forecast for the average prices of mentioned oil benchmarks for 2026. According to the agency's estimates, the average price of Brent will be $68.47 per barrel (previous forecast – $66.46), and WTI will be $64.97 per barrel (previous forecast – $62.46).
It is noted that in 2024, the prices of Brent and WTI crude oil were $80.56 and $76.6, respectively.
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