EIA Raises Oil Price Forecasts For This Year And Next

The U.S. Energy Information Administration on Tuesday raised its 2016 and 2017 forecasts for West Texas Intermediate and Brent crude prices. In its monthly energy outlook report, the government agency forecast an average price of $42.83 a barrel for WTI this year, up from a previous estimate of $40.32. Brent crude is seen averaging $43.03 this year, up from the $40.52 May forecast. The EIA left its U.S. oil production estimates for 2016 and 2017 unchanged at 8.6 million barrels a day and 8.19 million barrels a day, respectively. July WTI crude was trading at $50.03 a barrel Tuesday, up 34 cents, or 0.7%.