Baku, Azerbaijan, Oct.14
By Leman Zeynalova – Trend:
Brent crude oil prices are forecast to average $43 per barrel in 2016 and $51 per barrel in 2017, according to the forecasts of the US Energy Information Administration (EIA) published in its October Short-Term Energy Outlook (STEO).
This is $1 per barrel higher and $1 per barrel lower than forecast in last month’s STEO, respectively.
West Texas Intermediate (WTI) crude oil prices are forecast to average about $1 per barrel less than Brent in 2016 and in 2017, according to EIA.
Brent front month futures price stood at $47.16 in August 2016 and 47.24 in September 2016, said the report.
This is while WTI front month futures price amounted to 44.80 in August 2016 and 45.23 in September 2016, according to the EIA estimates.
