The U.S. Energy Information Administration raised its forecast on crude production for this year and next, according to the agency’s latest Short-term Energy Outlook report released Tuesday. The EIA forecast U.S. crude production at an average 9.21 million barrels per day in 2017, up from the previous forecast of 8.98 million. It sees 2018 output at 9.73 million barrels a day, higher than the previous forecast of 9.53 million. Its crude-price forecasts edged higher for this year, with West Texas Intermediate crude seen at an average $53.49 a barrel and Brent crude at $54.62. April West Texas Intermediate crude was trading at $53.33 a barrel, up 13 cents, or 0.2%.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.