EIA Cuts WTI Crude-oil Price View, Lowers U.S. Output Forecasts

The U.S. Energy Information Administration lowered its 2015 forecasts for West Texas Intermediate crude prices and U.S. oil production, in a monthly report issued Wednesday. The government agency said it expects WTI prices to average $49.23 a barrel this year, down from a previous forecast of $49.62. The EIA also said it expects U.S. crude-oil output of 9.22 million barrels a day this year, down from a prior estimate of 9.36 million barrels. October crude fell 64 cents, or 1.4%, at $45.30 a barrel on Nymex.