Crude oil prices will be higher in 2023 and 2024 as global supplies become tighter, the U.S. Energy Information Administration (EIA) predicted in its latest Short-Term Energy Outlook (STEO). The EIA forecasts that the average spot price for Brent, the international benchmark for global oil prices, will be $79.54 per barrel this year, up 1.1…
Oil Rises on Higher Demand Forecasts, Tight Supplies
NEW YORKâOil prices rose to a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight. Prices rallied after the U.S. Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday projected retail gasoline prices…
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