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U.S. Cuts Oil Price Forecast for 2015 to $62.75 a Barrel

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-- The U.S. Energy Information Administration cut its crude price forecasts by $15 a barrel after OPEC’s decision last month to maintain output as North American oil output increases. The agency reduced its 2015 U.S. oil production outlook for a second month.

West Texas Intermediate will average $62.75 a barrel in 2015 versus the November projection of $77.75, the EIA said today in its monthly Short-Term Energy Outlook. The agency trimmed its Brent crude estimate for next year to $68.08 from $83.42.