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

By Myra P. SaefongMarketWatch Pulse

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.

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