The U.S. Energy Information Administration on Tuesday raised its 2018 price forecasts on West Texas Intermediate and Brent crude oil prices and U.S. production. In its monthly energy outlook report, the government agency forecast WTI prices at $55.33 a barrel for this year, up 4.8% from the December forecast. For 2019, it forecast $57.43. The EIA also upped its 2018 view on Brent crude by 4.3% to $59.74 and offered a 2019 forecast of $61.43. It raised its 2018 U.S. crude output view by 2.6% to 10.27 million barrels a day. February WTI crude continued to trade higher, up 1.5% at $62.66 a barrel, poised for the highest finish in about three years. March Brent added 1.1% to $68.56.
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