Brent crude oil prices averaged $32/barrel (b) in March, a decrease of $24/b from the average in February and the lowest monthly average since January 2016, APA reports citing EIA.
EIA forecasts Brent crude oil prices will average $33/b in 2020, $10/b lower than in last month’s STEO and down from an average of $64/b in 2019.
EIA expects prices will average $23/b during the second quarter of 2020 before increasing to $30/b during the second half of the year.
EIA forecasts that average Brent prices will rise to an average of $45/b in 2021, $10/b lower than forecast last month, as a return to declining global oil inventories puts upward pressure on prices.