Oil bulls see Brent hitting $70 by year-end [email protected] Filed on January 14, 2021 The EIA said in its January short-term energy outlook (STEO) report that oil prices are further expected to increase in 2022. — Reuters EIA has already raised modestly its forecast for Brent spot average and West Texas Intermediate (WTI) spot average prices for 2021. With oil markets roaring ahead in the first two weeks of 2021 to record a 10-month high, analysts do not rule out that prices of Brent and WTI could even breach $70 per barrel and $65 per barrel respectively by year-end. The US Energy Information Administration (EIA) has already raised modestly its forecast for Brent spot average and West Texas Intermediate (WTI) spot average prices for 2021.