Economics
U.S. Increases 2011 Oil Price, World Demand Estimates
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The U.S. Energy Department increased its crude oil price forecast for 2011 on projections that accelerating economic growth will bolster fuel demand.
West Texas Intermediate oil, the U.S. benchmark, will average $93.42 a barrel this year, up from December’s forecast of $86.08, the department said today in its monthly Short-Term Energy Outlook. Prices in 2012 will average $97.50, $2.07 short of a record $99.57 in 2008.