EIA lowers price 2024 outlooks for WTI and Brent oil

The Energy Information Administration on Tuesday reduced its 2024 forecasts for U.S. and global benchmark crude-oil prices, according to the monthly Short-Term Energy Outlook report released Tuesday. The government agency cut its 2024 forecast for West Texas Intermediate crude prices to $89.24 a barrel, down 1.8% from the October forecast. For Brent crude, it decreased its 2024 forecast by 1.8% to $93.24. “Although it has not directly affected physical oil markets so far, heightened uncertainty around the recent attacks on Israel and the potential for tensions spreading to a wider area in the Middle East poses risks to oil supply, including available surplus production capacity, the EIA said in its report. In Tuesday dealings, December WTI crude oil
CLZ23,
-3.85%
was down $3.05, or 3.8%, to $77.77 a barrel on the New York Mercantile Exchange. January Brent crude
BRNF24,
-3.72%
on ICE Futures Europe traded at $81.97 a barrel, down $3.21, or 3.8%.