Oil prices rose on Thursday after the U.S. Energy Information Administration (EIA) revealed its latest price forecasts in the July edition of its short-term energy outlook (STEO).
Benchmark crude futures rose 0.3 percent to $80.37 a barrel, while WTI crude futures were up 0.2 percent at $75.92.
The EIA said it expects the Brent spot price to average $79.34 per barrel in 2023 and $83.51 per barrel in 2024, reflecting expectations that global oil inventories will decline.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.