The U.S. Energy Department lowered its price expectations for the global Brent crude contract this year and next, saying it expected supplies to grow more than previously anticipated because robust production has persisted despite the market collapse. The U.S. Energy Information Administration, an analytic division of the Energy Department, said it expected Brent oil prices to average $34 a barrel in 2016 and $40 a barrel in 2017, down from $37 and $50, respectively, from its outlook last month. “Global inventories over the next two years are expected to grow more rapidly than previously expected because of higher world production and less oil demand due to weaker economic growth worldwide,” EIA Administrator Adam Sieminski said in a prepared statement. “Higher growth in world oil inventories tends to delay the rebalancing of supply and demand in the global market, keeping prices low,” Mr. Sieminksi said. That buildup in inventories is […]