The US Department of Energy has lowered its forecast for the average price of benchmark Brent crude oil in 2026 from $95.39 to $81.91 per barrel, APA-Economics reports, citing a report by the US Energy Information Administration (EIA).
The price of West Texas Intermediate (WTI) crude oil is expected to average $76.26 per barrel in 2026 (previous forecast: $88.32).
At the same time, the EIA has updated its forecast for the average prices of the aforementioned oil benchmarks for 2027. According to the agency's estimates, the average price of Brent crude next year will be $64.76 per barrel (previous forecast: $79.39), while WTI is expected to average $60.76 per barrel (previous forecast: $74.39).
The report notes that in 2025, the average prices of Brent and WTI crude oil were $69.04 and $65.4 per barrel, respectively.
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