Oil prices rose on Tuesday as the U.S. Energy Information Administration (EIA) lifted oil-price forecasts and lowered U.S. crude output expectations.
In its monthly energy outlook report, the EIA forecast an average WTI price of 67.03 U.S. dollars a barrel for this year, up 1.2 percent from the August forecast. For 2019, it forecast an average WTI price of 67.36 dollars, up 4.7 percent.
Meanwhile, the EIA lowered the domestic crude output forecast by 0.2 percent to 10.66 million barrels a day this year, and cut the 2019 view by 1.8 percent to 11.5 million barrels a day.
Traders also kept a close eye on the U.S. crude stockpile data scheduled for release Wednesday, which is widely expected to show another drop in U.S. crude inventories.
The West Texas Intermediate (WTI) for October delivery jumped 1.71 U.S. dollars to settle at 69.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.69 dollars to 79.06 dollars a barrel on the London ICE Futures Exchange.
Sources:cctvplus
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