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June 11, 2019, 12:21 p.m. EDT

EIA cuts forecasts on oil prices and U.S. crude-oil production

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By Myra P. Saefong

The U.S. Energy Information Administration reduced its forecasts for oil prices and U.S. crude-oil production, according to its Short-term Energy Outlook report released Tuesday . The EIA forecasts 2019 U.S. crude production of 12.32 million barrels a day, down 1% from the May forecast. It also cut its 2020 output view by 0.9% to 13.26 million barrels a day. For 2019, the government agency lowered its West Texas Intermediate crude price outlook by 5.6% to $59.29 a barrel and its Brent view by 4.2% to $66.69. It left the WTI and Brent price outlooks for 2020 unchanged at $63 for WTI and $67 for Brent. Oil futures were mixed following the report. August Brent was down 5 cents, or nearly 0.1%, at $62.24 a barrel. July WTI added 10 cents, or 0.2%, to $53.36 a barrel.

Read the full story:
Oil settles roughly flat as traders weigh prospects for output curbs, ahead of weekly data on U.S. crude supplies

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