Crude oil prices were lower in 2019 than in 2018, the U.S. Energy Information Administration (EIA) reported on Tuesday.
According to EIA, the price of Brent crude oil, the international benchmark, averaged 64 U.S. dollars per barrel in 2019, 7 dollars per barrel lower than its 2018 average, while the price of West Texas Intermediate (WTI) crude oil, the U.S. benchmark, averaged 57 dollars per barrel in 2019, also 7 dollars per barrel lower than in 2018.
In 2019, oil prices posted the biggest annual gains since 2016, to some extent driven by the phase one economic and trade agreement between the United States and China, as well as the consensus among OPEC members and its allies for further output cuts.
EIA's data showed that Brent prices reached an annual daily low of 55 dollars per barrel in early January, rising to a daily high of 75 dollars per barrel in late April. While WTI prices ranged from 47 dollars per barrel to 66 dollars per barrel during the year.
Throughout 2019, increases in U.S. petroleum production put downward pressure on crude oil prices.
EIA's monthly data through December 2019 will be available by the end of February 2020, but it expected U.S. crude oil production will average 12.3 million barrels per day in 2019, making the United States the largest crude oil producer in the world.
Editor:Cherie
