U.S. Increases 2011 Crude Oil Price, Demand Estimates
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The U.S. Energy Department bolstered its crude oil price forecast for 2011 on projections for higher global economic growth.
West Texas Intermediate oil, the U.S. benchmark, will average $86.08 a barrel next year, up from last month’s forecast of $85.17, the department said today in its monthly Short-Term Energy Outlook. Prices in 2010 will average $78.98, 18 cents higher than November’s estimate of $78.80.