(EnergyAsia, January 27 2015, Tuesday) — The US Energy Information Administration (EIA) has raised its forecasts for both global oil demand and supply growth for 2015 in its January report compared with the previous month.

It has also sharply slashed its forecast for crude prices with North Sea Brent to average $58 per barrel in 2015 and US West Texas Intermediate (WTI) to trade at US$54 to $55. In December, the agency had called for Brent to average US$68 per barrel in 2015, down US$15 from its November forecast, while WTI would trade at an average US$63 instead of US$78.

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