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Aug. 11, 2020, 12:54 p.m. EDT

EIA lifts price forecasts for oil, cuts U.S. crude production outlook for 2020

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By Myra P. Saefong

The U.S. Energy Information Administration raised its 2020 forecasts for U.S. and global benchmark oil prices, but reduced its U.S. crude production outlook for this year, according to the Short-Term Energy Outlook report released Tuesday. The EIA lifted its 2020 West Texas Intermediate crude price forecast to $38.50 a barrel, up 2.5% from the July forecast. It expects 2021 prices to average $45.53 in 2021, down 0.4% from the previous forecast. For Brent crude, it raised this year's forecast by 2.3% to $41.42, though lowered next year's by 0.3% to $49.53. The EIA also said it expects domestic oil production to an average 11.26 million barrels per day this year, down 3.2% from the previous view, while lifting the 2021 forecast by 1.2% to 11.14 million barrels per day. In Tuesday dealings, September West Texas Intermediate crude traded at $42.17 a barrel, up 23 cents, or 0.6%. October Brent crude traded at $45.17, up 18 cents, or 0.4%.

Read the full story:
Oil futures end lower, but expectations for tighter U.S. supplies limit losses

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