Oil price forecast for 2009
Wednesday, August 13th, 2008Oil prices could be lower than previously expected next year, but the outlook for home heating oil and natural gas signals more pain this winter, according to a government report released Tuesday.
In its August short-term energy outlook, the Energy Information Administration (EIA) said it expects crude prices to average $124 a barrel in 2009. That’s down from July when the EIA projected an average price of $133 per barrel.
“Prospects of improved oil market fundamentals over the next 18 months point to an easing in the market balance and price weakness over the near term,” the report said.