Global crude oil inventories are set to decline over the next 15 months, but worries about the global economy and prospects for weaker energy demand are likely to limit any price gains for oil, according to the U.S. Energy Information Administration’s monthly Short-term Energy Outlook report released on Tuesday.
The government agency expects production cuts and rising demand to increase prices going forward, with spot prices for global benchmark Brent crude forecast to rise to $81 a barrel by the end of this year. In Tuesday dealings, the front-month August WTI oil contract CLQ23 CL.1 traded at $74.76 a barrel on the New York Mercantile Exchange, up $1.77, or 2.4%. September Brent oil BRNU23 BRN00 added $1.74, or 2.2%, to $79.43 a barrel on ICE Futures Europe.
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