2021 oil price forecasts ramped higher

The U.S. Energy Information Administration (EIA) and Standard Chartered both increased their oil price forecasts for 2021 this week.

According to its March Short Term Energy Outlook (STEO), the EIA now sees Brent spot prices averaging $60.67 per barrel and WTI spot prices averaging $57.24 per barrel this year. In its February STEO, the EIA projected that Brent spot prices would average $53.20 per barrel and WTI spot prices would average $50.21 per barrel in 2021. Standard Chartered outlined that it had increased its 2021 average Brent and WTI oil price forecasts by $14 per barrel to $65 per barrel and $63 per barrel, respectively, in a report sent to Rigzone.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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