Brent--$108.95 down $1.21, WTI $101.37 down $2.12.
From Platts:
Brent crude prices in 2013 to average $107.96/barrel: EIA
Brent and WTI crude prices will continue to fall in the fourth quarter of 2013 and into 2014, the US Energy Information Administration said Tuesday.
Brent prices, which fell from a recent peak of $117/b in early September to $108/b at the end of the month as Libyan production restarted and concerns over the conflict in Syria moderated, will continue to weaken as non-OPEC supply grows, the EIA said in its October Short-Term Energy Outlook.
The agency, which represents the independent statistical arm of the US Department of Energy, said it expects Brent to average $106.50/b during the fourth quarter, for a full-year average of $107.96/b. For 2014, the average price will decline to $102.21/b, the EIA said.
Meanwhile, WTI, which averaged $106/b in September, will average $100.50/b in the fourth quarter, for a full-year 2013 average of $98.69/b, the EIA estimated. For 2014, WTI will decline to $96.21/b, the EIA said.
The agency said it expects WTI's discount to Brent to average $6/b during the fourth quarter and in 2014. The spread had widened to an average of $18/b in 2012 and then fell to $3/b in July.
