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USA EIA Cuts WTI Oil Price Forecast for 2024 and 2025
The U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) oil price forecast for 2024 and 2025 in its latest short term energy outlook (STEO). According to its May STEO, the EIA now sees the WTI spot price averaging $83.05 per barrel this year and $80.88 per barrel next year. In its previous April STEO, the EIA projected that the commodity would average $83.78 per barrel in 2024 and $82.48 per barrel in 2025. The EIA forecast in its latest STEO that the WTI spot price will average $84.76 per barrel in the second quarter of this year, $85.50 per barrel in the third quarter, $84.17 per ... (full story)