EIA reveals oil prices forecasts

WTI crude oil prices are forecast to average $1 a barrel less than Brent in 2016 and 2017.

Brent crude oil spot prices averaged $46 a barrel in August, a $1 a barrel increase from July, according to the EIA estimates.

This was the fourth consecutive month in which Brent spot crude oil prices averaged between $44 a barrel and $49 abarrel, the EIA said.

For the fourth quarter of this year, EIA expects Brent price at $45 a barrel, WTI price – at $44 a barrel.

By the end of the next year EIA expects Brent price to reach $57.94 a barrel, WTI price – $56.94 a barrel.