US EIA lowers 2022 oil price outlook by more than $3/b for WTI, Brent

Builds in global oil inventories seen for the first time in two years have helped to ease crude oil prices, the US Energy Information Administration said July 12 as it lowered its 2022 oil price expectations by more than $3/b from the prior month. But with oil inventories expected to remain below the five-year average through most of 2022 and…