The European Commission (EC) has raised its estimate of the average annual price of Brent crude for 2021 and 2022, Report informs referring to oilcapital.

The EC expects the price of a barrel of Brent oil in 2021 to be $63.9 compared to $54.7 expected this winter. In 2022, the figure is expected to reach $61.6 per barrel compared to $52.4 per barrel in the spring forecast.

Proceeding from the situation in the futures markets and the average value for the 10-day reference period from April 14 to April 27, the price of Brent crude may reach $63.9 per barrel in 2021 and $61.6 per barrel in 2022. This corresponds to 53.1 euros per barrel in 2021 and 51.2 euros per barrel in 2022.

Last fall, the EC predicted an average price of Brent crude at $44.6 per barrel in 2021 and $46.4 in 2022.