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Oil prices retreat on EIA forecast

Xinhua, May 9, 2017 Adjust font size:

Oil prices dipped Tuesday as the Energy Information Administration (EIA) raised its U.S. oil production forecasts for both this year and the next.

The EIA said in a report Tuesday that U.S crude oil production is expected to average 9.3 million barrels a day in 2017 and almost 10 million barrels a day in 2018.

The EIA also revised down its projection for average oil prices in 2017 to 53 U.S. dollars a barrel for Brent crude and 51 dollars for U.S. oil.

Meanwhile, Libya's crude output has reached 796,000 barrels per day, marking the highest level in more than two years, according to media reports Tuesday.

The West Texas Intermediate for June delivery fell 0.55 U.S. dollar to settle at 45.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 0.61 dollar to close at 48.73 dollars a barrel on the London ICE Futures Exchange. Endit