EU Commission Raises Year-Average Price Forecast Of Brent Oil For 2021 To $71.6

The European Commission (EC) has raised year-average Brent oil price for the current year to $71.6 from $68.7 per barrel, according to EC Autumn 2021 Economic Forecast

BRUSSELS (UrduPoint News / Sputnik - 11th November, 2021) The European Commission (EC) has raised year-average Brent oil price for the current year to $71.6 from $68.7 per barrel, according to EC Autumn 2021 Economic Forecast.

"On average, oil prices are expected to increase from 71.6 USD/bbl (barrel of crude oil) in 2021 to 78.

9 USD/bbl in 2022, to decline to 72.3 USD/bbl in 2023," the forecast says.

According to the document, the forecast refers to the Brent brand.

In the previous forecast, the EC assumed that Brent oil would cost $68.7 per barrel this year, and $68.3 per barrel next year. The valuation for 2023 was given by the European Commission for the first time in the current autumn forecast.