The U.S. Energy Information Administration on Wednesday raised its 2016 forecasts for U.S. crude production and West Texas Intermediate and Brent crude prices. In its monthly energy outlook report, the government agency forecast an average price of $41.92 a barrel for WTI this year, up from a previous estimate of $41.16. Brent crude is seen averaging $42.54 this year, up from the $41.60 August forecast. The EIA also raised its U.S. oil production estimate for 2016 by 0.4% to 8.77 million barrels a day, and for 2017 by 2.5% to 8.51 million barrels a day. October WTI crude traded at $45.48 a barrel, up 65 cents, or 1.5%.
Copyright © 2016 MarketWatch, Inc.