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The U.
S.
Energy Information Administration (EIA) said on Wednesday that oil prices will remain above $100 a barrel in the coming months, reflecting the impact of the Russia-Ukraine conflict, tight energy markets and current and possible future sanctions
against Russia.
In its latest short-term energy outlook, the EIA said last week that it expects Brent crude prices to average $105.
22 per barrel this year, significantly raising its February forecast
of $82.
87.
The EIA said in last week's STEO that it expects Brent crude to average $117 per barrel in March, $116 in the second quarter of this year and $102 per barrel in the second half of 2022
.
U.
S
.
benchmark WTI crude averaged $113 per barrel this month and $112 per barrel in the second quarter of 2022.
Earlier on Wednesday, WTI rose 2 percent to more than $98 ahead of the EIA inventory report, and Brent crude rose 1.
6 percent to $
101.
46.
However, EIA's oil price forecasts involve a variety of factors, including the progress of the Russia-Ukraine conflict, government restrictions on energy imports from Russia, Russian oil production and global crude oil demand, so the level of uncertainty has increased
.
"This conflict is stirring up already tense global oil markets, making it difficult for us to determine whether oil prices are close to peak or whether they will continue to move higher
.
" AAA spokesman Andrew Gross said
Monday.
The U.
S.
Energy Information Administration (EIA) said on Wednesday that oil prices will remain above $100 a barrel in the coming months, reflecting the impact of the Russia-Ukraine conflict, tight energy markets and current and possible future sanctions
against Russia.
In its latest short-term energy outlook, the EIA said last week that it expects Brent crude prices to average $105.
22 per barrel this year, significantly raising its February forecast
of $82.
87.
The EIA said in last week's STEO that it expects Brent crude to average $117 per barrel in March, $116 in the second quarter of this year and $102 per barrel in the second half of 2022
.
U.
S
.
benchmark WTI crude averaged $113 per barrel this month and $112 per barrel in the second quarter of 2022.
Earlier on Wednesday, WTI rose 2 percent to more than $98 ahead of the EIA inventory report, and Brent crude rose 1.
6 percent to $
101.
46.
However, EIA's oil price forecasts involve a variety of factors, including the progress of the Russia-Ukraine conflict, government restrictions on energy imports from Russia, Russian oil production and global crude oil demand, so the level of uncertainty has increased
.
"This conflict is stirring up already tense global oil markets, making it difficult for us to determine whether oil prices are close to peak or whether they will continue to move higher
.
" AAA spokesman Andrew Gross said
Monday.
