EIA lifts U.S. crude output expectations, lowers oil-price forecasts
The U.S. Energy Information Administration raised its 2018 and 2019 forecasts on U.S. crude-oil production, but lowered its price forecasts for U.S. and global benchmark crude oil, according to the agency's Short-term Energy Outlook report released Tuesday. The EIA sees 2018 domestic crude production at 10.9 million barrels per day, up 1.5% from the October forecast. It also lifted its 2019 output view by 2.6% to 12.06 million barrels a day. The EIA, however, cut forecasts on 2018 West Texas Intermediate crude prices by 2.4% to $66.79 a barrel and by 6.8% to $64.85 for 2019. It cut its average Brent price outlook this year by 1.8% to $73.12 and the 2019 view by 4.2% to $71.92. December WTI crude was down $1.48, or 2.4%, at $61.61 a barrel. January Brent lose $1.74, or 2.4%, to $71.43. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.