Brent Oil Prediction 2018
Oil prices initially were supported by supply-side factors such as the conflict in Iraq and US-Iran tensions which sparked discussions of a potential drop in global supply. World oil prices are growing on the last trading day of the year on the data of the U.S. Energy Department about the weekly decline in the volume of stocks of raw materials.
U.S. West Texas Intermediate (WTI) crude futures were at $60.21 a barrel, up 0.6 percent from their last close, after hitting a June 2015 high of $60.32 earlier in the day, Brent crude futures - the international benchmark - were also up, rising 0.7 percent to $66.61 a barrel. Brent broke through $67 earlier this week for the first time since May 2015, according to Reuters.
The United States crude futures newly rose 20 cents, or 0.35%, to $57.56 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 64 cents, or 1.01%, to $64.04 a barrel on ICE Futures Europe.
Brent crude oil for this year and next and boosted its U.S. production view for 2018. The United States Energy Information Administration (EIA) on Wednesday higher its price forecasts on West Texas Intermediate. In its monthly energy outlook report, the government agency forecast WTI prices at $49.69 a barrel for this year, up 1.7% from its September forecast. For 2018, it forecast $50.57-up 2% from the former outlook. The EIA also upped its 2017 forecast on Brent crude by 2.7% to $52.43 and its 2018 outlook by 4.8% to $54.07. It diffidently lowered its U.S. crude manufacture view to 9.24 million barrels per day this year but elevated its 2018 output view by 0.8% to 9.92 million barrels a day. November WTI crude CLX7, +0.00% traded at $50.67 a barrel, down 0.5%. December Brent crude UK: lcoz7 fell 0.6% to $56.26 a barrel.