EIA Reduces Crude, Gasoline Price Forecasts Through 2015
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The U.S. Energy Information Administration cut 2014 and 2015 crude price forecasts amid rising global output and sluggish demand. The agency reduced its 2015 U.S. oil production outlook for the first time this year.
West Texas Intermediate will average $77.75 a barrel in 2015 versus the October projection of $94.58, the EIA said today in its monthly Short-Term Energy Outlook. The agency trimmed its Brent crude estimate for next year to $83.42 from $101.67.