The United States Energy Information Administration upped its forecasts of average crude oil prices by $1 a barrel and $3 for 2016 and 2017, respectively, on Tuesday, in its monthly Short-Term Energy Outlook report. The new predictions say the average price in 2016 would stand at $43 a barrel and $52 a barrel in 2017. West Texas Intermediate price would be slight lower than Brent oil prices in 2016, but the two would be equal by 2017, the report said. Nasdaq reported Brent crude prices at $51.32 on Tuesday. Despite the positive predictions, the report expressed concerns regarding the oil market’s high uncertainty and volatility. “For example, EIA’s forecast for the average WTI price in September 2016 of $46/b should be considered in the context of Nymex contract values for September 2016 delivery,” the document read. “These contracts traded during the five-day period ending June 2 (Market Prices and […]