The US Energy Information Administration on Tuesday significantly reduced its forecast for WTI and Brent crude spot prices in 2019, largely due to record global output, particularly in the US, and lower-than-expected demand. In its Short-Term Energy Outlook, EIA forecasts WTI to average $54.19/b in 2019, down $10.66/b from the agency’s forecast last month, and Brent to average $61/b in 2019, down $10.92/b from last month’s forecast. “Market uncertainty during November appears to have contributed to levels of price volatility for Brent and West Texas Intermediate crude oils not seen in several years,” EIA Administrator Linda Capuano said in a statement. “EIA’s December short-term outlook largely attributes the recent decline in Brent crude oil spot prices, which averaged $65 per barrel in November, to record production among the world’s largest crude oil producers and concerns […]