EIA Cuts Oil Price Forecast, Lifts U.S. Production Outlook For 2018

The U.S. Energy Information Administration lowered its crude-oil price forecast and raised its U.S. production outlook for 2018, according to a monthly report issued Tuesday. The government agency said it expects West Texas Intermediate prices to average $53.61 a barrel next year, down 2.7% from its previous forecast. For 2017, it raised its WTI forecast by 0.2% to $50.78. The EIA also said it expects Brent crude to average $55.61 a barrel in 2018, down 2.6% from the previous forecast. U.S. crude production, meanwhile, is forecast at 10.01 million barrels a day for 2018, up 0.4% from the previous outlook. July WTI oil traded at $47.82 a barrel, up 42 cents, or 0.9%, on the New York Mercantile Exchange. August Brent crude on ICE Futures added 25 cents, or 0.5%, to $49.72 a barrel.