The U.S. Energy Information Administration raised its 2020 forecast for West Texas Intermediate and Brent crude oil prices and lowered its expectations for U.S. crude-oil production, according to the Short-Term Energy Outlook report released Tuesday.
The EIA pegged its 2020 WTI oil price forecast at $35.14 a barrel, up 16.7% from its May forecast. It also lifted its Brent crude price forecast by 11.4% to $38.02 for 2020.
The agency expects U.S. crude production of 11.56 million barrels a day this year, down 1% from the previous view. Demand for global petroleum and liquid fuels, meanwhile, will average 92.5 million barrels a day this year, down 8.3 million barrels a day from 2019.
Source: Market Watch