US Energy Information Administration (EIA) administrator Adam Sieminski said that oil prices are expected to rise by the end of the year and be in the $50 range per barrel.
"The price for the end of 2016 is kind of on its way up, higher than where we are now… we are looking for prices today in the $50s towards the end of the year," Sieminski said, Sputnik reports.
"For 2017, we think Brent oil price will average about $52. Toward the end of 2017, they could approach $60," Sieminski added.
"Oil production in the US is currently falling because of the impact of lower prices, but that should begin to reverse as we get out into the early part of 2017," Sieminski noted.
