EIA Lifts WTI Oil-price Outlook, Cuts Brent

By Myra P. SaefongMarketWatch Pulse

The U.S. Energy Information Administration raised its 2015 forecasts for West Texas Intermediate crude prices and U.S. oil production, in a monthly report issued Tuesday. The government agency said it expects WTI prices to average $55.51 a barrel this year, up from a previous forecast of $55.35. Brent crude is forecast at $60.22 this year, down from a previous forecast of $60.53. The EIA said it expects U.S. crude-oil output of 9.47 million barrels a day this year, up from a prior estimate of 9.43 million barrels. At last check, August crude was down 63 cents, or 1.2%, at $51.90 a barrel.

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