Higher oil prices are providing the necessary tailwinds for an energy rally and there’s no stopping the party yet. The U.S. Energy Information Administration just upped the ante on its forecast for oil prices this year. “The U.S. Energy Information Administration raised 2021 forecasts for U.S. and global benchmark oil prices in a monthly report Tuesday, pointing out that the recent decision by major oil producers to extend existing supply cuts through April have provided support for prices in the near term,” a MarketWatch report noted. “The EIA boosted its 2021 West Texas Intermediate crude price forecast to $57.24 a barrel, up 14% from the January forecast,” the report added further. “It expects 2022 prices to average $54.75, up 6.2% from the previous forecast. For Brent crude, it also lifted this year’s forecast by 14% to $60.67 and next year’s by 6% to $58.51.”