EIA raised forecasts for oil prices

According to forecasts by the US Energy Information Administration (EIA), in 2016 the average price for North Sea Brent will be $ 43 per barrel, and in 2017 it will reach $ 52 per barrel. The latest data is higher than last month's EIA forecasts by three and one dollar per barrel, respectively.

It is predicted that the average price for American WTI crude oil will be $ 42.83 per barrel in 2016, and $ 51.82 per barrel in 2017. According to EIA estimates, the average price of Brent crude in May was $ 47 per barrel, which is $ 5 per barrel higher than the average price in April.

The main stimuli for the rise in prices are considered to be disruptions in global oil supplies and a reduction in crude oil production in the United States amid growing demand. World oil prices rose on the back of data from the American Petroleum Institute (API), which showed a reduction in oil reserves in the United States.

This morning, the cost of August futures for North Sea Brent rose by 0.16 percent and reached $ 51.52 per barrel, the price of July WTI crude oil futures rose by 0.34 percent and amounted to $ 50.53 per barrel.