logo
Plus   Neg
Share
Email

Crude Oil Slides Despite Reprieve For Stocks

Crude oil futures continued to fall Tuesday, even as U.S. stocks were found their footing after the biggest one-day drop for the Dow Jones Industrial Average.

A report from the Energy Information Administration said U.S. production will rise in the next two years, denting oil prices.

The EIA forecast U.S. crude production at an average 10.59 million barrels per day in 2018 and 2019 output at 11.18 million barrels a day, up 3.1% from previous proejections.

March WTI crude was down 30 cents, or 0.5%, at $63.85 a barrel.

WTI crude will average $58.28 a barrel this year, the EIA said, up from last month's estimate of $55.33, and $57.51 in 2019.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

Follow RTT