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EIA lowers oil price forecasts on demand worries

The Energy Information Administration expects West Texas Intermediate crude prices to average $52.50 per barrel in the first quarter of 2020 and $51.19 per barrel in the second quarter of 2020, which is significantly below EIA's September outlook. The agency raised its US oil production projection for 2019 slightly to an average of 12.26 million barrels per day, but cut the 2020 forecast by 60,000 bpd to 13.17 million bpd.

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