The U.S. Energy Information Administration lowered its forecasts for 2017 and 2018 U.S. crude-oil production, according to the agency’s monthly Short-term Energy Outlook report released Tuesday. The EIA forecast U.S. crude production at an average 9.25 million barrels per day in 2017, down 1% from the previous forecast. It sees 2018 output at 9.84 million barrels a day, down 0.7% from the previous forecast. The EIA also lowered its 2017 price forecast for West Texas Intermediate crude by 0.1% to an average $48.83 a barrel, but lifted its outlook on Brent crude by 0.7% to $51.07. October WTI crude was up 19 cents, or 0.4%, at $48.26 a barrel, while November Brent added 38 cents, or 0.7%, to $54.22.
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