European Commission forecasts increase in oil prices

BRUSSELS. KAZINFORM Winter Economic Forecast issued on Monday by the European Commission suggests Brent crude oil price in 2017 will increase, Kazinform correspondent reports.

"The outlook for Brent crude oil prices in 2017 revised upward to an average of $56.4, which is 3% higher than the autumn forecast. At the same time, its cost assumptions for 2018 remained unchanged at $56.9 per barrel", the document reads.