In the July 2018 update of its Short–Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $73/bbl in the second half of 2018 and $69/bbl in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $7/bbl lower than Brent prices in the second half of 2018 and $7/bbl lower in 2019, Fig. 1. EIA’s forecast of global liquid fuels balances indicates a looser oil market in the second half of 2018 and through the end of 2019 compared with the tight oil market conditions that prevailed in 2017 and the first half of 2018. Although ... (full story)