11:59 - 11.11.2026

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November 11, Fineko/abcnews. The US Energy Information Administration (EIA) raised its crude oil price forecasts for the fourth consecutive month in its November Short-Term Energy Outlook. The agency reported that Brent crude averaged $124 per barrel in October, reaching its highest inflation-adjusted level since July 2022 due to Middle East supply disruptions and falling inventories.

The EIA upgraded its 2026 Brent price forecast from $96.32 to $97.44 per barrel, while WTI was adjusted from $88.21 to $88.29 per barrel. For 2027, average price projections were revised upward to $85.78 for Brent and $80.54 for WTI.

Despite short-term supply constraints, the agency expects US crude output to reach a record 14.3 million barrels per day next year, driving Brent prices down to $77 per barrel by Q4 2027.