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 $55.35 a barrel this year, up from a previous forecast of $54.32. The EIA, however, said it expects WTI crude to average $62.04 a barrel in 2016, down from the prior view of $65.57. Brent crude is forecast at $60.53 this year, down from a previous forecast of $60.79. The EIA said it expects U.S. crude-oil output of 9.43 million barrels a day this year, up from a prior estimate of 9.19 million barrels. At last check, July crude was up $1.68, or 2.9%, at $59.82 a barrel.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below