EIA lifts oil-price and U.S. crude output expectations for this year and next (marketwatch.com)

The U.S. Energy Information Administration on Wednesday raised its 2018 and 2019 price forecasts on West Texas Intermediate and Brent crude oil prices and U.S. production expectations for this year and next. In its monthly energy outlook report, the government agency forecast an average WTI price of $68.46 a barrel for this year, up 2.1% from the forecast issued in September. For 2019, it forecast $69.56, up 3.3%. The EIA also raised its average Brent forecast by 2.2% to $74.43 this year, and by 1.9% to $75.06 next year. The EIA increased the domestic crude output forecast by 0.8% to 10.74 million barrels a day this year, and lifted the 2019 view by 2.2% to 11.76 million barrels a day. November WTI crude CLX8, -1.44% was down $1.88, or 2.5%, at $73.08 a barrel. December Brent LCOZ8, -1.59% lost $1.68, or 2%, to $83.32.

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