| The U.S. Energy Information Administration pushed its 2016 crude oil forecast lower Tuesday, as shaky global growth and higher production sent U.S. crude oil futures below the lowest closing price in six-years in midday trading. The federal Energy Information Administration said in its monthly Short-Term Energy Outlook that it had lowered its 2016 forecast price for U.S. benchmark oil by $8 to $54 per barrel in 2016 and its 2015 forecast by $6 to $49 per barrel.
The administration said it expects Brent, the global benchmark, to average about $59 per barrel in 2016 and about $54 per barrel in 2015. “The recent price declines reflect concerns about lower economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing actual and expected growth in global inventories,” the agency said in its analysis...............................................Full Article: Source
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