Crude oil prices nudged upward in October, according to the U.S. Energy Information Administration, while retail gas prices slipped 8 cents a gallon from September and 88 cents a gallon from October 2014.
North Sea Brent crude oil prices averaged $48 a barrel in October, a $1 increase over the previous month. “Oil price volatility was lower during October than during August and September, but it remains elevated compared with levels in recent years,” the EIA reported.
With crude oil production expected to decline until late next year, the EIA forecasts that Brent crude oil prices will average $54 per barrel this year and $56 per barrel in 2016, with West Texas Intermediate crude oil prices expected to be $4 per barrel lower this year and $5 per barrel lower in 2016.
U.S. retail gas prices in October averaged $2.29 per gallon, 8 cents lower than in September and 88 cents lower than the year before. The average price is expected to slip to $2.06 in December; next year, EIA expects the average price per gallon to be $2.33