In its latest monthly Short-Term Energy Outlook, the US Energy Information Administration forecasts Brent spot prices will average $70/bbl in 2019 and $67/bbl in 2020, both about $5/bbl higher than in last month’s STEO. This compares with an average of $71/bbl in 2018. EIA’s higher Brent crude oil price forecast reflects tighter expected global oil market balances in mid-2019 and increasing supply disruption risks globally.

Source: News