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.
Oil prices rose slightly on Monday as Chinese industrial output and retail data topped expectations but gains were capped by overall figures showing the country’s slowest quarterly economic growth in decades.
Asian and early European trading was boosted by the more positive Chinese economic data, which may indicate early success in government stimulus efforts and potentially more oil demand in the world’s number two economy.
more at source: https://www.cnbc.com/2019/07/15/oil-markets-china-economic-data-in-focus.html