Markets > Commodities

Oil prices rally amid EIA forecasts

Xinhua Financein ​NEW YORK
2018-07-11 08:37

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Oil prices settled higher on Tuesday as traders digested a short-term energy outlook report from the Energy Information Administration (EIA).

The EIA forecasts in the report that Brent crude prices will average 73 U.S. dollars per barrel in the second half of 2018 and will average 69 dollars per barrel in 2019.

The EIA expects West Texas Intermediate (WTI) crude oil prices will average 6 dollars per barrel lower than Brent prices in the second half of 2018 and 7 dollars per barrel lower in 2019.

Meanwhile, the EIA estimates U.S. crude oil production to average 10.8 million barrels per day in 2018, up from 9.4 million barrels per day in 2017, and to average 11.8 million barrels per day in 2019.

The West Texas Intermediate for August delivery rose 0.26 dollar to settle at 74.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery added 0.79 dollar to 78.86 dollars a barrel on the London ICE Futures Exchange.
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