Crude oil futures settle higher on Tuesday
India, Jan. 15 -- Snapping a five-day losing streak, crude oil futures settled higher on Tuesday on optimism about a US-China trade deal. Meanwhile, the Energy Information Administration (EIA) in a monthly report raised its 2020 forecast for WTI oil prices to $59.25 a barrel, up 7.7% from its forecast a month earlier. For Brent crude, it sees an average of $64.83 in 2020, up 7.1% from its previous forecast. Both global oil supply and consumption are expected to grow in 2020, with supply from non-OPEC producers, particularly the Unites States, Norway, Brazil, and Canada, more than offsetting declining production from OPEC. For 2020, the EIA sees total global production of petroleum and other liquids at 102.37 million barrels a day and total ...
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