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Crude Oil Slides On Production Outlook

Crude oil futures fell Wednesday amid speculation that U.S. oil production will rise sharply.

The U.S. Energy Information Administration boosted its 2018 and 2019 forecasts on U.S. crude-oil production, according to the agency's monthly Short-Term Energy Outlook report released Tuesday.

The EIA raised its 2018 domestic crude production forecast by 1% to 10.7 million barrels per day.

The American Petroleum Institute (API) reported a huge build of 5.661 million barrels of United States crude oil inventories for the week ending March 2. Analysts had expected a much smaller build.

April WTI crude was down 28 cents at $62.32 a barrel on the New York Mercantile Exchange.

by RTT Staff Writer

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