Brent Tops $75 per Barrel as U.S. Oil Consumption Rises

The U.S. Energy Information Administration’s (EIA) Brent crude oil spot prices averaged $75 per barrel in July, $2 up from June from the end of 2020.

Brent prices have been rising this year due to steady draws on global oil inventories averaging 1.8 million barrels per day during the first half of 2021 and remained close to 1.4 million barrels per day in July.
In 2022, The August Short-Term Energy Outlook (STEO) forecasts continued growth in production from OPEC+ and accelerating growth in U.S. tight oil production.
The latest STEO estimates reveal gasoline consumption from May through July was higher than initially expected. Growth in employment and increasing mobility has led to rising gasoline consumption in 2021.

The forecast of U.S. gasoline consumption is expected to rise to 8.8 million barrels per day in 2021, backed by rising employment and mobility.