U.S. Energy Department Raises 2013 Oil Forecast
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The U.S. Energy Department increased crude-oil price projections for 2013 and forecast that global consumption will climb to a record.
West Texas Intermediate oil will average $89.54 a barrel this year, up 1.3 percent from the December projection of $88.38, the department said today in its monthly Short-Term Energy Outlook. The U.S. benchmark grade averaged $94.12 in 2012, less than the December estimate of $94.26.