In The News

EIA changes oil prediction for rest of 2012 to $4 lower per barrel

The average price of West Texas Intermediate crude per barrel for the fourth quarter of this year is projected to average $89, about $4 per barrel lower than last month’s Energy Information Administration Outlook, the EIA said Tuesday.

Brent crude, the U.S. Energy Department’s EIA said, is expected to average about $1 less a barrel than forecast last month, or some $110 per barrel. For 2013, WTI crude is predicted to average about $88 a barrel while the forecast for Brent crude remains the same, at $103 a barrel.

EIA expects U.S. total crude oil production to average 6.3 million barrels per day for the rest of this year, an increase of 0.7 million barrels a day over last year. Projected U.S. domestic crude production is projected to increase to 6.8 million barrels a day in 2013, the highest level of production since 1993.

The Trucker staff can be reached to comment on this article at [email protected].

www.theTrucker.com