After rising $3/bbl in March on demand optimism, Brent crude oil prices are set to average $65.00 in the second quarter of 2021, according to updated projections from the U.S. Energy Information Administration (EIA).

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Brent rose to $65.00 in March amid expectations for oil demand to grow on higher Covid-19 vaccination rates and increased global economic activity, EIA said in the April 2021 edition of its Short-Term Energy Outlook (STEO), published Tuesday. The strengthening crude prices also reflected ongoing production limits from the Organization of the Petroleum Exporting Countries and its allies (aka OPEC-plus), the agency said.

EIA expects Brent prices to average $61 during the second half of 2021 and $60 in 2022.

The most recent data from EIA shows domestic crude oil...