The U.S. Energy Information Administration has raised its Brent spot average and West Texas Intermediate spot average prices for 2021. The U.S. Energy Information Administration (EIA) has raised its Brent spot average and West Texas Intermediate (WTI) spot average prices for 2021, according to its latest short-term energy outlook (STEO) report. In its January STEO, the EIA sees 2021 Brent spot prices averaging $52.70 per barrel and 2021 WTI spot prices averaging $49.70 per barrel. The EIA revealed in its December STEO that it saw 2021 Brent spot prices averaging $48.53 per barrel and 2021 WTI spot prices averaging $45.78 per barrel. Oil prices are further expected to increase in 2022, according to the EIA’s January STEO, which projects a Brent spot average of $53.44 next year and a WTI spot average of $49.81. The EIA estimates that global consumption of petroleum and liquid fuels averaged 92.2 million barrels […]