New York: Fitch Ratings has revised its forecast for average oil prices over the next few years.

According to Azeri-Press News Agency, the international rating agency has provided updated projections for Brent and WTI crude oil prices for the years 2025 to 2028.

The updated forecast indicates that the price of Brent crude oil is expected to be $65 per barrel in 2025, down from a previous estimate of $70. The price is projected to remain at $65 in 2026 and 2027, with no changes from earlier forecasts. For 2028, the price is projected to decrease to $60, maintaining the previous forecast for that year.

Similarly, the forecast for WTI crude oil shows a price of $60 per barrel in 2025, revised down from the earlier projection of $65. The price is anticipated to stay at $60 in both 2026 and 2027, with no changes in the outlook for these years. In 2028, the price is expected to be $57, consistent with previous forecasts.

The report highlights that in 2024, the average price for Brent crude was recorded at $80.5 per barrel, while WTI averaged $76.6.