The U.S. Energy Information Administration on Tuesday raised its price forecasts on West Texas Intermediate and Brent crude oil for this year and next. In its monthly energy outlook report, the government agency forecast WTI prices at $50.56 a barrel for this year, up from $49.70 in the October forecast. For 2018, it forecast $52.77–up from $51.04 in the previous outlook. The EIA also upped its 2017 forecast on Brent crude to $53.88 from $53.01 and its 2018 outlook to $57.26 from $55.61. It modestly raised its 2018 output view to 10.02 million barrels a day from 9.95 million. That would be “the highest average annual production rate of crude oil in U.S. history,” said EIA Acting Administrator John Conti. January WTI crude continued to trade lower, down 1.5% at $57.12 a barrel. February Brent lost 1.7% at $63.59.
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