Also in the July STEO, we forecast the Brent crude oil price will fall from an average of $69/b in 2021 (up from $65/b in the June forecast) to $67/b in 2022 (up from $60/b in the June forecast). We also expect West Texas Intermediate (WTI) crude oil prices will likely follow a similar path.

Are Oil Prices Expected to Rise?

Oil prices continued to rally Wednesday, and analysts expect prices to continue to rise this summer, possibly spiking to $80 per barrel or higher. The rise in prices comes as the demand outlook continues to strengthen. At the same time, the world is now dipping into oil inventories built up last year.

What’s the forecast for the price of oil?

The Oil Price forecast at the end of the month 21.06, change for November -6.2%. Oil Price forecast for December 2021. In the beginning price at 21.06 Dollars.

What’s the current price of Brent crude oil?

At its April 2021 meeting, OPEC announced it would begin to increase oil production, with each adjustment being no more than 0.5 million barrels per day (b/d). 5 The EIA forecast that Brent crude oil prices will average $65/b in the second quarter of 2021 and $61/b later in the year.

What was the price of oil in February?

The Oil Price forecast at the end of the month 23.61, change for January -1.0%. Oil Price forecast for February 2021. In the beginning price at 23.61 Dollars. High price 23.61, low 21.82. The average for the month 22.80. The Oil Price forecast at the end of the month 22.15, change for February -6.2%. Brent oil price forecast for March 2021.

What’s the current price of a barrel of oil?

The Oil Price forecast at the end of the month 22.42, change for March 1.2%. Oil Price forecast for April 2021. In the beginning price at 22.42 Dollars. High price 22.42, low 20.71. The average for the month 21.65. The Oil Price forecast at the end of the month 21.03, change for April -6.2%. Brent oil price forecast for May 2021.