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
August 21, 2026 14:42 ET The minutes of the latest policy meeting of the Federal Reserve, housing market data and manufacturing sector survey results were the main news for the U.S. economy this week. In Europe, inflation data from the U.K. was the highlight, while consumer price data from Japan drew attention in Asia.