The Energy Information Administration on Tuesday raised its 2023 and 2024 forecasts for U.S. and global benchmark crude-oil prices on Tuesday, and said it expects global oil inventories to fall through the end of this year following Saudi Arabia’s decision to extend its voluntary 1 million barrel-per-day production cut through December. In its monthly Short-term Energy Outlook report, the government agency raised its 2023 forecast for West Texas Intermediate crude prices to $79.65 a barrel, up 2.4% from the August forecast. For 2024, it increased its forecast by 2.1% to $83.22. For Brent crude, it lifted its 2023 forecast by 2.2% to $84.46 and its 2024 forecast by 2% to $88.22. The EIA also said it expects global oil inventories to fall by 600,000 barrels a day in the third quarter of this year, and that declines will “moderate” to 200,000 barrels a day in the fourth quarter, but OPEC+ output cuts will “keep global oil production lower than global oil demand.” In Tuesday dealings, October WTI crude oil CLV23 was up $1.78, or 2%, to $89.07 a barrel on the New York Mercantile Exchange. November Brent crude BRNX23 on ICE Futures Europe traded at $92.18 a barrel, up $1.54, or 1.7%.

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