EIA lifts 2022 U.S. and global oil-price forecasts by roughly 11%

The U.S. Energy Information Administration raised its 2022 forecasts for U.S. and global benchmark oil prices by about 11%, according to a monthly report released Tuesday. The EIA said this year’s Brent crude is expected to average $82.87 a barrel, up 10.6% from the January forecast. West Texas Intermediate crude prices are expected to average $79.35 a barrel, up 11.2% from the previous forecast. The EIA also lifted its WTI and Brent oil forecasts for 2023 by 1.5% each to $64.48 for WTI and $68.48 for Brent. U.S. oil production is expected to average 11.97 million barrels per day this year, up 1.4% from January’s forecast, the EIA said. In Tuesday dealings, oil prices continued to trade lower. March WTI crude CLH22, +0.44% was down $2.08, or 2.3%, to $89.24 a barrel on the New York Mercantile Exchange. April Brent crude BRNJ22, +0.42% fell $2.09, or 2.3%, to $90.60 a barrel on ICE Futures Europe.