The Energy Information Administration on Tuesday cut its 2023 and 2024 forecasts for U.S. and global benchmark crude-oil prices, according to the monthly Short-Term Energy Outlook report. “Ongoing considerations about weakening global economic conditions, perceived risk around the global banking sector, and persistent inflation outweighed the initial increase in oil prices and have led to lower prices,” the report said. Still, the EIA expects “the seasonal rise in oil consumption and a drop in OPEC crude oil production to put some upward pressure on crude oil prices in the coming months.” The government agency reduced…
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