The cut 2014 and 2015 crude price forecasts because of rising output and reduced demand. West Texas Intermediate will average $94.58 a barrel in 2015 versus the September projection of $94.67, the EIA said today in its monthly . The agency trimmed its Brent crude forecast for next year to $101.67 from $103. It also cut its gasoline price outlook. The Energy Department’s statistical arm forecast production of 8.54 million barrels a day this year, up from 7.45 million last year, and 9.5 million in 2015, the most since 1970. This year’s projection was revised up 10,000 from the September report, while the 2015 forecast was reduced 30,000. “The highest previous annual U.S. production level was 9.6 million barrels a day in 1970,” the agency said in the report. Horizontal drilling and hydraulic fracturing, or fracking, have unlocked supplies in shale formations in North Dakota, Texas and other states. […]