EIA revises down forecast for oil prices in 2020

The U.S. Energy Information Administration (EIA) on Tuesday forecast Brent crude oil spot prices would average 61 U.S. dollars per barrel in 2020, compared with 65 dollars per barrel projected a month ago, Xinhua reports, SIA reports.

In its February Short-Term Energy Outlook (STEO), EIA forecast Brent prices would average 58 dollars per barrel during the first half of the year and 64 dollars per barrel during the second half of the year. EIA also forecast Brent prices would average 68 dollars per barrel in 2021, the same level as it forecast last month.

EIA said Brent prices averaged 64 dollars per barrel in January, down 4 dollars per barrel from December 2019, adding that "Brent prices fell steadily through January and into the first week of February."

Oil prices continued the downtrend for the week ending Feb. 7 with the price of West Texas Intermediate (WTI) for March delivery down 2.4 percent and Brent crude oil for April delivery down 6.34 percent. After five consecutive weeks of decline in oil prices, the longest streak of weekly drops since 2018, WTI and Brent crude have decreased by 17.59 percent and 17.47 percent, respectively, so far this year.

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