US Department of Energy raised forecasts for the price of Brent crude

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The Energy Information Administration of the US Department of Energy (EIA) has raised its forecast for the average price of Brent crude for 2021 to $ 62 from the previous $ 60 per barrel. This is evidenced by the data of the monthly short-term forecast of the EIA, published on April 6.

The forecast for the oil price of this brand for next year has also been raised to $ 60 from $ 58 per barrel.

“The higher forecast reflects a greater inflow of global oil reserves in 2021, especially in the second quarter than previously expected, which will lead to lower levels of world oil reserves during the forecast period,” the EIA writes.

At the same time, the department clarified that in the second quarter of 2021 the forecasted price of Brent oil is $ 65 / barrel, and in the second half of 2021 – $ 61 / barrel.

“Average monthly prices for Brent crude in March were the highest since the end of 2019. Oil prices reached $ 70 per barrel in early March after OPEC + announced in early March that it would extend production limits until April. However, prices subsequently fell, which partly reflected a slowdown in the growth of global oil demand due to an increase in the number of cases of COVID-19, especially in Europe, ”the forecast says.

On March 24, the cost of a futures contract for Brent crude oil for delivery in May on the London ICE stock exchange rose 5.36% to $ 64.05 per barrel.