After climbing to $75/bbl in July, Brent crude oil prices are on track to average $72 from August through November of this year, according to updated projections published Tuesday by the Energy Information Administration (EIA).

The latest Brent forecast, detailed in this month’s Short-Term Energy Outlook (STEO), suggests relatively little change in EIA’s price outlook since last month’s report, when the agency predicted an average price of $72 for the second half of this year.

Prices for the crude benchmark are set to retreat to $66 in 2022, researchers said in the latest edition of the STEO. Supply growth next year — from U.S. tight oil production and output from the Organization of the Petroleum Exporting Countries and its allies (OPEC-plus) — is expected to outpace...