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Oil prices rise amid tepid forecast for US crude supply

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Oil prices rise amid tepid forecast for US crude supply

India Blooms News Service | @indiablooms | 13 Mar 2019, 09:40 am

New York, Mar 13 (Xinhua/UNI) Oil prices rose on Tuesday, as the US Energy Information Administration (EIA) on Tuesday lowered its forecasts for US crude supply for 2019 and 2020.

The EIA projected that US crude oil production will average 12.3 million barrels per day (bpd) in 2019 and 13 million bpd in 2020, with most of the growth coming from the Permian region of Texas and New Mexico.

The forecasts came lower than the EIA's estimates in February for both 2019 and 2020, according to its Short-term Energy Outlook report released Tuesday.

The EIA also estimated that US crude production averaged 11.9 million bpd in February, down slightly from the January average.

The West Texas Intermediate for April delivery was up 0.08 US dollar to settle at 56.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery rose 0.09 dollar to close at 66.67 dollars a barrel on the London ICE Futures Exchange.

Oil prices rise amid tepid forecast for US crude supply

India Blooms News Service
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