The U.S. Energy Information Administration lifted its forecasts for U.S. crude production for this year and next and cut its 2020 forecasts for U.S. and global benchmark oil prices, according to its Short-term Energy Outlook report released Tuesday. The EIA forecasts 2019 U.S. crude production of 12.41 million barrels a day, up 2.8% from the January forecast. It also raised its 2020 output view by 2.6% to 13.2 million barrels a day. The government agency lifted its 2019 West Texas Intermediate crude price outlook by 1.1% to $54.79 a barrel, but reduced its 2020 view by 4.5% to $58. For Brent prices, it sees an average of $61.03 for 2019, up 0.8% from the preview forecast, but the 2020 forecast was cut by 4.3% to $62. April Brent was up $1.33, or 2.2%, at $62.84 a barrel. March WTI added $1.08, or 2.1%, to $53.49 a barrel.
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.
