EIA Hikes Oil Price Forecast To $105 This Year

Brent Crude prices are expected to average $105.22 per barrel this year, the Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO), significantly raising its February forecast of $82.87 after Russia’s war in Ukraine tightened further an already tight oil market. In its March STEO published this week, the EIA said it expects Brent Crude prices to average $117 a barrel in March, $116 for the second quarter of this year, and $102 per barrel in the second half of 2022. For 2023, the EIA now sees Brent averaging…