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 was down $3.05, or 3.8%, to $77.77 a barrel on the New York Mercantile Exchange. January Brent crude BRNF24 on ICE Futures Europe traded at $81.97 a barrel, down $3.21, or 3.8%.
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