The U.S. Energy Information Administration has raised its Brent and West Texas Intermediate oil price forecasts for both 2020 and 2021. The U.S. Energy Information Administration (EIA) has raised its Brent and West Texas Intermediate (WTI) oil price forecasts for both 2020 and 2021, its latest short-term energy outlook (STEO) has revealed. The organization now sees Brent spot prices averaging $41.43 per barrel this year and $48.53 per barrel in 2021. WTI spot prices are expected to average $38.96 per barrel in 2020 and $45.78 per barrel in 2021. In its previous STEO, which was released in November, the EIA projected that Brent spot prices would average $40.61 per barrel in 2020 and $46.59 per barrel in 2021. WTI spot prices were forecasted to average $38.24 per barrel this year and $44.24 per barrel next year. “The forecast for higher crude oil prices next year reflects EIA’s expectation that […]