"North Sea Brent crude oil prices averaged $48/barrel (b) in October, a $1/b increase from September. Daily Brent prices have ranged between $45/b and $53/b since the beginning of September. Oil price volatility was lower during October than during August and September, but it remains elevated compared with levels in recent years.
EIA forecasts that Brent crude oil prices will average $54/b in 2015 and $56/b in 2016. The
2015 forecast price is unchanged from last month’s STEO, and the 2016 forecast price is
$2/b lower. Forecast West Texas Intermediate (WTI) crude oil prices average $4/b lower
than the Brent price in 2015 and $5/b lower in 2016. The current values of futures and
options contracts for February 2016 delivery (Market Prices and Uncertainty Report) suggest
the market expects WTI prices to range from $35/b to $66/b (at the 95% confidence
interval) in February 2016..."