The United States Energy Information Administration (EIA) projected that Brent crude oil spot price will remain near $100 per barrel for the remainder of the year, the agency said in its Short-Term Energy Outlook on Tuesday. The West Texas Intermediate (WTI) is seen to average $88.29 by the end of the year. “Crude oil prices rose for a third consecutive month in October as falling global inventories, attacks on oil tankers in the Persian Gulf, constrained shipping capacity, and higher transportation costs tightened supply,” the EIA underlined, estimating that most production in the Middle East outside Iran will likely return to pre-conflict levels by the middle of the next year. Brent is expected to gradually decline to an average of $77 per barrel in the final quarter of 2027, while WTI is seen at nearly $72 per barrel. Meanwhile, US crude production is forecasted to increase to 14.3 million barrels per day next year, marking a 3% jump from 13.9 million barrels per day in 2026.
NN: They are `predicting a $10 rally without a war