EIA Cuts 2015, 2016 WTI Crude-oil Price Views

The U.S. Energy Information Administration on Tuesday lowered its 2016 West Texas Intermediate price forecast to $50.89 a barrel from a previous forecast of $51.31. It also cut its forecast for 2015 crude prices to $49.08 barrel from a previous forecast of $49.88. The EIA lowered its 2016 U.S. crude production estimate to 8.76 million barrels a day from 8.77 million. For this year, it expects output of 9.33 million barrels a day, up from a prior estimate of 9.29 million barrels. January crude was down 15 cents at $37.50 a barrel on Nymex.