Barclays on Monday raised its Brent crude price forecasts by $11 per barrel for 2022 and $23 for 2023, citing a larger and sustained disruption in Russian supply following sanctions by the European Union. The British bank sees Brent prices averaging $111 this year and next, while it sees U.S. West Texas Intermediate (WTI) at $108 for the same period. On Monday’s benchmark Brent crude futures were trading around $120 a barrel, while WTI futures stood at $119. Russian oil output is expected to decline by 1.5 million barrels per day (bpd) by the end of the year, Barclays said, adding it no longer expects inventories to normalise over the forecast period. “Limited spare capacity and constrained U.S. […]