The U.S. Energy Information Administration (EIA) has raised its Brent oil price forecast, the organization’s latest short-term energy outlook (STEO) has revealed.

Brent spot prices are now expected to average $63.59 per barrel in 2019 and $60.10 per barrel in 2020. The EIA’s previous STEO forecasted that Brent spot prices would average $63.37 per barrel in 2019 and $59.93 per barrel in 2020.

In its latest STEO, the EIA said it expects crude oil prices will be lower on average in 2020 than in 2019 because of forecast rising global oil inventories, “particularly in the first half of next year”.

In its September STEO, the EIA forecasted that Brent spot prices would average $63.39 per barrel in 2019 and $62 per barrel in 2020. In August, the EIA projected that Brent would average $65.15 per barrel in 2019 and $65 per barrel in 2020. Back in July, the EIA forecasted that Brent would average $66.51 per barrel in 2019 and $67 per barrel in 2020.

Earlier this month, Fitch Solutions Macro Research (FSMR) revealed that its latest Brent crude price forecast remains unchanged from its previous projection.

An FSMR report sent to Rigzone outlined that analysts at the company expect Brent to average $64 per barrel this year and $62 per barrel in 2020. The same projections were made in the company’s previous oil price outlook, which was sent to Rigzone in September.

In August, FSMR analysts expected prices to average $67 per barrel this year and $65 per barrel in 2020. In July the analysts forecasted an average of $70 per barrel in 2019, and $76 per barrel in 2020.

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