NEW YORK, July 12 (Reuters) – The U.S. Energy Information Administration cut its forecast for U.S. oil demand growth in 2016, and increased its demand growth forecast for 2017, according to a monthly outlook issued on Tuesday. U.S. oil demand is expected to grow 160,000 barrels per day in 2016, compared with previous expectations for 220,000 bpd, according to the department. Demand will grow 120,000 bpd in 2017, compared with 60,000 bpd previously. U.S. petroleum and liquid fuel consumption will still reach an average of 19.68 million bpd in 2017, in line with previous estimates, said the U.S. Energy Department’s statistical wing. “EIA expects U.S. drivers will see gasoline prices gradually decline from their June level through the end of this year,” EIA Administrator Adam Sieminski said. “A combination of lower crude oil prices, high gasoline production, and rising gasoline inventories pushed gasoline prices down this year.” The price […]