In its most recent monthly Short-Term Energy Outlook (STEO), the US Energy Information Administration reported it expects global oil inventories to continue to build in 2015, keeping downward pressure on oil prices. EIA’s January STEO, which is the first to include estimates for 2016, forecasts Brent crude oil prices will average $58/bbl in 2015, $11/bbl lower than projected last month, and $75/bbl in 2016. The annual average for West Texas Intermediate is expected to be $3-4/bbl below Brent, EIA said. Based on current market balances, EIA expects downward price pressures to be concentrated in the first half of 2015 when global inventory builds are expected to be particularly strong. EIA projects that Brent prices will reach a 2015 monthly average low of $49/bbl in January and February, and then increase through the remainder of the year to average $67/bbl during the fourth quarter.