OPEC's Cuts and Surprises Impact Oil Prices and Short Sellers.
The U.S. Energy Information Administration has raised its oil price forecasts for 2023 and 2024, with Brent crude expected to average $85.01 a barrel this year and prices in 2024 at $81.21 a barrel. The increase is attributed to OPEC cuts, with expectations for the cost of West Texas Intermediate also raised by a similar amount.