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7/10/2018, 9:05 PM (Source: TeleTrader)
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EIA lifts forecast for US oil output in 2019, prices

The Energy Information Administration, a unit of the United States Department of Energy, raised on Tuesday its estimate of domestic exploitation of crude for next year by 0.3% on the month, to 11.8 million barrels per day. The output outlook was left at 10.79 million for 2018. The report revealed an increase in the predicted price of West Texas Intermediate oil this year by by 2.2% from the June update, to $69.95 per barrel, with a raised forecast for Brent by 1.1% to $71.8 for one barrel.

The world's liquid fuel inventories at the end of the year should be unchanged on an annual scale, EIA's analysts suggested and forecast a rise of 0.6 million barrels per day for 2019. Imports in the US are seen falling from an annual average of 3.7 million barrels per day in 2017 to an average of 2.4 million this year and 1.6 million barrels a day in 2019, which would be the lowest since 1958.

The domestic production averaged 10.9 million barrels per day last month, a rise of 0.1 million from May, the agency added. It estimated the average for 2018 to be a record 10.8 million, compared to 9.4 million one year earlier. The volume is expected to grow to 11.8 million barrels per day next year, EIA said.

Breaking the News / IT