Brent Crude spot prices are set to average $68.78 per barrel this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, significantly raising its oil price projections for both 2021 and 2022, expecting continued demand recovery. The latest Brent price forecast in EIA’s Short-Term Energy Outlook (STEO) for July is more than $3 a barrel higher than the June forecast of $65.19. It should be noted, however, that the Administration completed its forecasts for the July STEO on July 1, that is, just before the…
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