EIA raises short-term oil price forecasts

The US-based Energy Information Administration has raised its oil price forecasts for both 2021 and 2022 as petrol consumption rises and global inventories shrink.

The EIA – which is responsible for providing inventory data to avoid market shocks – provided forecasts for 2021 and 2022 in its April short-term energy outlook, for both Brent crude, the European benchmark oil price, and West Texas Intermediate (WTI), the US benchmark.

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