Prices in 2018 will be decided in Texas. Crude oil is expected to hit record levels next year. Brent crude oil, a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide, is expected to average $60 per barrel in 2018, while others will average $55. Oil prices now are at about $64 per barrel for Brent and close to $58 for West Texas Intermediate. Brent will average $55 per barrel in 2018.