Oil Prices Settle Back Above $45 As EIA Lowers U.S. Output Forecast

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled higher Tuesday, as a lower 2018 U.S. crude output forecast from the Energy Information Administration and talk of possible production curbs in Libya and Nigeria lifted prices back above $45 a barrel. Analysts also expected data from the EIA Wednesday to reveal a second-straight weekly decline in U.S. crude inventories. August WTI crude rose 64 cents, or 1.4%, to settle $45.04 a barrel on the New York Mercantile Exchange after losing nearly 3% on Friday.

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