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Oil prices fall as U.S. output forecast grows

Xinhua, August 10, 2016 Adjust font size:

Oil prices slipped on Tuesday after a government agency raised its projection for U.S. oil output next year.

The Energy Information Administration (EIA) increased its domestic crude production forecast for 2017 to 8.31 million barrels a day from 8.2 million projected in July, said its monthly Short-Term Energy Outlook released on Tuesday.

Global oil consumption will exceed supply by an average 170,000 barrels a day next year, compared with a 10,000 barrel surplus in July's outlook, according to the report.

Oil prices went down from a two-week high Tuesday on the release of EIA's report.

The West Texas Intermediate for September delivery lost 0.25 U.S. dollars to settle at 42.77 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 0.41 U.S. dollars to close at 44.98 U.S. dollars a barrel on the London ICE Futures Exchange. Endit