EIA Lowers U.S. Crude Production Outlook for 2019

The U.S. Energy Information Administration on Tuesday lowered its 2019 forecast on U.S. crude-oil production to 11.7 million barrels per day versus 11.8 million barrels per day issued in July. It also now expects 2018 output at 10.7 million barrels per day. fractionally down from 10.79 million barrels projected last month. Meanwhile. the EIA forecast Brent crude oil spot to trade at $72 a barrel this year. marginally up from its July prediction of $71.80 a barrel and lowered its 2018 outlook on West Texas Intermediate crude prices to around $66 a barrel versus $69.95 a barrel from a month ago. Oil prices held onto modest gains following the report with September WTI crude up 0.3% to $69.21a barrel while October Brent gained 0.9% to $74.43.

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