Crude continue to lose ground Tuesday as the Energy Information Administration reduces its outlook for oil prices in 2016. March West Texas Intermediate crude fell $1.75 to end trade at $27.94 a barrel on the New York Mercantile Exchange. April Brent crude tumbled $2.56 to settle at $30.32 a barrel on the London ICE Futures Exchange.
The EIA lowered the forecast price of oil for this year. The agency now believes WTI will average $37.59 a barrel this year. Previously, the forecast was an average of $38.54. Brent is now expected at $37.52 instead of the previous estimate of $40.15 a barrel.
March natural gas slipped on Tuesday losing 4.2 cents to settle at $2.098 per million British thermal units on the New York Mercantile Exchange.
