EIA Cuts 2015 Global Oil Demand On Weaker Growth

The U.S. Energy Information Administration on Tuesday cut its 2015 global demand forecast for crude oil by 200,000 barrels a day to an average of 92.3 million barrels a day, based on weaker global economic growth prospects for next year, it said. In its monthly short-term outlook, the EIA also said retail gasoline will average $2.60 a gallon in 2015, 35 cents lower than the EIA's prediction in the previous outlook. Gasoline is expected to retail for an average of $3.37 a gallon this year, from $3.51 a gallon in 2013. The EIA forecast Brent crude prices to average $68 a barrel next year, $15 a barrel lower than what it had projected in last month's outlook. New York-traded oil was seen averaging $63 a barrel in 2015, also $15 a barrel lower than in the previous outlook.