Brent crude oil spot prices averaged between $108/bbl and $112/bbl for the sixth consecutive month in December 2013 at $111/bbl. EIA expects the Brent crude oil price to weaken as non-OPEC supply growth exceeds growth in world consumption. The Brent crude oil price is projected to average $105/bbl and $102/bbl in 2014 and 2015, respectively.
The forecast WTI crude oil spot price, which fell from an average of $106/bbl during September to $94/bbl in November, increased to $98/bbl in December as a result of strong U.S. refinery runs. EIA expects that WTI crude oil prices will average $93/bbl in 2014 and $90/bbl during 2015. The discount of WTI crude oil to Brent crude oil, which averaged $18/bbl in 2012 and then fell to below $4/bbl in July 2013, averaged $12/bbl during the fourth quarter of 2013. <read more>