Brent crude oil prices are on track to average $105/bbl this year, with recent trends showing a sharp drop-off in prices over the past month, the Energy Information Administration (EIA) said in updated forecasting published Tuesday.

STEO

Between July 1 and Aug. 4, prices at the global crude benchmark fell $17.51, while front-month West Texas Intermediate futures dropped $19.89 over the same period, the agency said in its latest Short-Term Energy Outlook (STEO).

For 2023, EIA modeled an average Brent price of $95/bbl. 

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