U.S. OIL DOWN
In the May Short-Term Energy Outlook (STEO), released on May 12, EIA raised its 2015 price forecast for North Sea Brent crude oil to an annual average of $61/barrel (b), $1/b higher than in the April STEO. At the same time, EIA lowered its 2016 forecast of Brent prices to $70/b, $5/b lower than in the April STEO.
The May STEO Brent crude price projection for the second quarter of 2015 averages $63/b, $8/b higher than last month's forecast. The higher forecast reflects actual prices in April that were above EIA's prior STEO forecast. Several factors contributed to higher crude oil prices in April, including indications of stronger global oil demand growth, expectations for…
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