US Energy Information Administration (EIA) has raised its forecast on crude oil prices for 2018 and 2019, along with revising upwards its estimates on US crude production for both years.
According to the agency's short-term energy outlook, Brent crude oil is forecast to average $62.39 per barrel in 2018, against EIA's Januray projections of $59.74/bbl.
Brent prices the next year are expected to average $61.51/bbl.
"Brent crude oil spot prices averaged $69 per barrel in January, an increase of $5/bbl from the December level. Monthly average Brent prices have increased for seven consecutive months," EIA said.
EIA expects West Texas Intermediate (WTI) crude oil prices to average $4/bbl lower than Brent prices in both 2018 and 2019.
According to the report, US crude oil production averaged 9.3 million barrels per day (bpd) in 2017 and will average 10.6 million bpd in 2018 - marking the highest annual average US crude oil production level.
