U.S. Reduces 2010 Oil Price, World Demand Estimates

The U.S. Energy Department reduced its crude oil price forecast for 2010 on concern that global economic growth may slow and on ample U.S. stockpiles.

West Texas Intermediate oil, the U.S. benchmark, will average $78.75 a barrel this year, down from last month’s forecast of $82.18, according to its monthly Short-Term Energy Outlook, released today. That’s 28 percent higher than the 2009 average of $61.66 a barrel.