Brent crude oil prices will average $43 a barrel in 2016 and $52 a barrel in 2017, according to the forecasts of the US Energy Information Administration (EIA) published in its September Short-Term Energy Outlook (STEO).
WTI crude oil prices are forecast to average $1 a barrel less than Brent in 2016 and 2017.
Brent crude oil spot prices averaged $46 a barrel in August, a $1 a barrel increase from July, according to the EIA estimates.
This was the fourth consecutive month in which Brent spot crude oil prices averaged between $44 a barrel and $49 abarrel, the EIA said.
For the fourth quarter of this year, EIA expects Brent price at $45 a barrel, WTI price – at $44 a barrel.
By the end of the next year EIA expects Brent price to reach $57.94 a barrel, WTI price – $56.94 a barrel.
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