The U.S. government on Tuesday modestly raised its 2015 and 2016 U.S. crude oil production forecasts while lowering its price outlook.
In its short term energy outlook, the U.S. Energy Information Administration raised its 2015 U.S. crude oil production growth forecast to 750,000 barrels per day (bpd) from 720,000 bpd.
The EIA forecast 2016 production will fall by 150,000 bpd, slightly less than its previous forecast of a 160,000 bpd decline.
The energy agency also lowered its forecasts for U.S. and global crude oil prices for 2016.
The average 2016 price for West Texas Intermediate crude , the U.S. benchmark, was forecast at $62.04 per barrel, a 5.4 percent drop from the previous monthly EIA forecast. The global benchmark Brent was forecast to average $67.04 per barrel, a 4.9 percent drop from the previous monthly EIA forecast.