the us energy information administration raised its 2022 forecasts for us and global benchmark oil prices by about 11 according to a monthly report released tuesday the eia said this years brent crude is expected to average 8287 a barrel up 106 from the january forecast west texas intermediate crude prices are expected to average 7935 a barrel up 112 from the previous forecast the eia also lifted its wti and brent oil forecasts for 2023 by 15 each to 6448 for wti and 6848 for brent us oil production is expected to average 1197 million barrels per day this year up 14 from januarys forecast the eia said in tuesday dealings oil prices continued to trade lower march wti crude clh22 was down 208 or 23 to 8924 a barrel on the new york mercantile exchange april brent crude brnj22 fell 209 or 23 to 9060 a barrel on ice futures europe