the energy information administration on tuesday cut its 2023 and 2024 forecasts for us and global benchmark crudeoil prices according to the monthly shortterm 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 its 2023 forecast for west texas intermediate crude prices to 7362 a barrel down 71 from the april forecast for 2024 it lowered its forecast by 76 to 6947 for brent crude it cut its 2023 forecast by 75 to 7865 and its 2024 forecast by 83 to 7447 in tuesday dealings june wti crude oil clm23 was down 82 cents or 11 to 7234 a barrel on the new york mercantile exchange july brent crude brnn23 on ice futures europe traded at 7601 a barrel down 1 or 13