The U.S. Energy Information Administration lowered its 2022 and 2023 forecasts for U.S. and global benchmark oil prices, according to a monthly report released Tuesday. The EIA said this year’s Brent crude is expected to average $101.48, down 0.6% from the November forecast. West Texas Intermediate crude prices are expected to average $95.22 a barrel this year, down 0.7% from the previous forecast. The EIA also cut its WTI and Brent oil forecasts for 2023 by more than 3% each to $86.36 for WTI and $92.36 for Brent. In Tuesday dealings, oil prices continued to trade sharply lower. January WTI crude CLF23 was down $2.28, or 3%, to $74.65 a barrel on the New York Mercantile Exchange. February Brent crude BRNG23 fell $2.57, or 3.1%, to $80.11 a barrel on ICE Futures Europe.
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