EIA Ups Brent, WTI Oil Price Forecasts For This Year And Next

The U.S. Energy Information Administration on Tuesday raised its price forecasts for Brent and West Texas Intermediate crude oil for 2016 and 2017. In its monthly energy outlook report, the government agency forecast WTI prices at $43.07 a barrel for this year and $50.66 for next year, up 0.6% and 1.5%, respectively, from the November forecasts. Brent crude is forecast at $43.46 this year and $51.66 next year, up 0.4% and 1.5%, respectively from the previous forecasts. The EIA also raised its estimates on U.S. crude production to 8.86 million barrels a day for this year and 8.78 million barrels a day for 2017. January WTI crude traded at $50.77 a barrel, down $1.02, or 2%. February Brent crude shed $1, or 1.8%, to $53.94 a barrel.