In the May Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts Brent crude oil prices will average $71 per barrel (b) in 2018 and $66/b in 2019, $7/b and $3/b higher, respectively, than was forecast in last month’s STEO. Monthly Brent crude oil spot prices averaged $72/b in April, an increase of $6/b from March. April was the first month Brent crude oil prices averaged more than $70/b since November 2014. EIA expects West Texas Intermediate (WTI) crude oil prices to average $5/b lower than Brent prices in both 2018 and 2019 (Figure 1). The higher price forecasts in 2018 result in increased forecast U.S. crude oil production growth compared with last month’s forecast, which contributes to looser global oil balances in 2019. …