Oil Trims Losses on EIA Short-Term Outlook
Source: MarketWatch, Claudia Assis (8/10/10)
"EIA increased its oil price forecast for this year and the next."
Oil prices trimmed their losses after the EIA report, with the September contract losing $1.28, or 1.6%, to $80.19 a barrel. The agency also forecast that the U.S. is likely alone among developed nations in showing "significant increases in oil consumption" of about 150,000 million barrels a day in 2010 and 2011.
The EIA also slightly increased its projected world oil consumption to 1.6 million barrels a day, compared to 1.5 million the month before. OPEC and non-OPEC supply expectations were also raised, however.