The U.S. Energy Information Administration lifted its 2018 and 2019 forecasts on U.S. crude-oil production, according to the agency’s monthly Short-Term Energy Outlook report released Tuesday. The EIA raised its 2018 domestic crude production forecast by 1% to 10.7 million barrels per day. It also lifted its 2019 output forecast by 0.8% to 11.27 million barrels a day. The EIA, meanwhile, cut its 2018 views on West Texas Intermediate crude prices by 0.2% to $58.17 and Brent by 0.4% to $62.13 a barrel. It forecast an average 2018 natural-gas price of $2.99 per million British thermal units, down 6.6% from February’s outlook. April WTI crude was down 8 cents, or 0.1%, at $62.49 a barrel. May Brent added 20 cents, or 0.3%, to $65.74.
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