EIA Raises U.S. Oil Output, Price Estimates For Next Year

The U.S. Energy Information Administration on Tuesday raised its 2017 estimate for U.S. crude-oil production and forecast for West Texas Intermediate crude prices. In its monthly energy outlook report, the government agency forecast an average U.S. crude output of 8.19 million barrels a day for 2017, up from a prior estimate of 8.04 million. The EIA left its estimate for 2016 at 8.6 million barrels a day. WTI prices are seen at $50.65 a barrel next year, up nearly 25% from the previous estimate of $40.58, the EIA said. WTI prices were trading at $44.48 a barrel Tuesday, up $1.04, or 2.4%.