EIA Ups 2015 WTI Crude-oil Price View, But Cuts 2016 Forecast

The U.S. Energy Information Administration on Tuesday raised its forecast for 2015 West Texas Intermediate crude prices to $49.88 a barrel from a previous forecast of $49.53. It also lowered its 2016 WTI price forecast to $51.31 from $53.57. The EIA also said it expects U.S. crude-oil output of 9.29 million barrels a day this year, up from a prior estimate of 9.25 million barrels, but it cut its 2016 production estimate to 8.77 million barrels a day from 8.86 million. December crude was up 31 cents, or 0.7%, at $44.18 a barrel on Nymex.