crude oil price Forecast 2011 : The Energy Information Administration expects oil prices to gradually rise through the end of next year, the agency said Tuesday in its monthly short-term energy outlook.
crude oil price Forecast 2011 in Benchmark U.S. crude oil will on average cost $79.83 a barrel in 2010, up from the previous outlook for $78.67 a barrel, the agency said. Prices are seen increasing from an average $77 a barrel in the first quarter of 2010 to $85 a barrel by the fourth quarter of 2011. In 2011, prices will average $83.50 a barrel, the agency said.
Gasoline prices are expected to average $2.84 a gallon this year, up 1 cent from the previous forecast, while diesel prices are seen averaging $2.98 a gallon this year, up 2 cents from last month's outlook. In 2011, gasoline is seen averaging $2.96 a gallon and diesel $3.14 a gallon.
Prices are expected to rise as "the world oil market should gradually tighten in 2010 and 2011, provided the global economic recovery continues as projected," the EIA said. Economic growth in developed economies that make up the Organization for Economic Cooperation and Development should increase from 1.2% in 2010 to 2.7% in 2011.
The EIA said that residential heating oil prices will average $2.78 a gallon this winter, up 1 cent from the previous forecast.
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