The US Energy Information Administration boosted its outlook for crude futures by about $4/b in the second half of 2020 and by $2/b for 2021 on OPEC+ supply cuts and rising demand after many regions lift coronavirus pandemic-related lockdowns. EIA now sees Brent prices averaging $40.50/b in 2020 and $49.70/b in 2021, compared with the 2019 average of $64.37/b, the agency said July 7 in its monthly Short-Term Energy Outlook. It expects WTI prices to average $37.55/b in 2020 and $45.70/b in 2021, down from $57.02/b in 2019. EIA raised its outlook for US oil production slightly. It now expects output to average 11.63 million b/d in 2020, up 70,000 […]