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

By Myra P. Saefong Markets MarketWatch Pulse

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%.

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