Government forecasters sharply lowered their projections for oil prices this year and next, reflecting higher global supply expectations. The U.S. Energy Information Administration, in its monthly short-term energy outlook released Wednesday, called for benchmark U.S. crude-oil prices to average $95 a barrel this year and $77.75 a barrel next year, below its previous forecasts of $97.72 a barrel this year and $94.58 a barrel next year. For Brent, the global benchmark, the EIA expects prices to average $101.04 a barrel in 2014 and $83.42 a barrel in 2015. In October, the agency called for price averages of $104.42 a barrel this year and $101.67 a barrel next year. Oil prices have plunged in recent months on concerns that the Organization of the Petroleum Exporting Countries won’t cut production in response to a global glut of oil. Front-month U.S. futures prices are currently trading around $77 […]