WASHINGTON (Sputnik) — The price of benchmark North Sea Brent oil is expected to average $53 a barrel this year, close to the $56 level during the final three months of 2016, according to a report by the US Energy Information Administration on Thursday.
"Strong demand and the recent agreement among members of the Organization of the Petroleum Exporting Countries (OPEC) — along with some key non-OPEC oil producers — are putting upward pressure on crude oil prices," the report stated.
However, a buildup of global oil inventories is expected to mitigate the OPEC deal’s impact, leaving prices close to present levels, the report explained.
