EIA raises price forecasts for this year

The U.S. Energy Information Administration on Wednesday raised its 2016 forecasts for U.S. crude production and West Texas Intermediate and Brent crude prices, MarketWatch reports.

In its monthly energy outlook report, the government agency forecast an average price of $41.92 a barrel for WTI this year, up from a previous estimate of $41.16.

Brent crude is seen averaging $42.54 this year, up from the $41.60 August forecast.