The U.S. Energy Information Administration increased its crude-oil price forecast for 2013.
West Texas Intermediate oil will average $93.92 a barrel this year, up 2.2 percent from the March projection of $91.92, the EIA, the Energy Department’s statistical arm, said today in its monthly Short-Term Energy Outlook. The U.S. benchmark grade will average $92.25 in 2014, an 8-cent gain from the previous month’s estimate of $92.17.
The department decreased its forecast for global oil consumption this year to 90 million barrels a day from 90.13 million estimated last month.
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