The Energy Information Administration sees Brent crude oil prices averaging $107 per barrel in the second quarter this year, according to the latest Short Term Energy Outlook published on Tuesday, APA-Economics reports.
Brent crude prices averaged $105 per barrel in April.
The EIA sees prices dipping in the second half of the year to $103 per barrel, according to the STEO, before falling to an average of $97 per barrel next year—more than double the average price for 2020.
However, the EIA cautioned that it made these projections on May 5, prior to any EU ban on Russian oil imports, which, the EIA says, would raise prices further.
For WTI crude, the EIA estimates that the full-year 2022 price will average $98.20, slipping to $9.24 next year.