Brent crude oil spot prices averaged $74/bbl in June, a decrease of almost $3/bbl from the May average. 

In its July Short-Term Energy Outlook, the US Energy Information Administration forecasts Brent crude oil spot prices will average $73/bbl in the second half of 2018 and will average $69/bbl in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/bbl lower than Brent prices in the second half of 2018 and $7/bbl lower in 2019.

“Forecast global liquid fuels balances indicate a looser oil market in the second half of 2018 and through the end of 2019 compared with the tight oil market conditions that prevailed for 2017 and the first half of 2018,” EIA said.

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