Oil prices will average more than $100 a barrel this year, according to the US Energy Information Administration which on Tuesday raised its 2008 forecast for West Texas Intermediate to $100.61 a barrel from the $94.11 projected a month ago. The EIA warned that the global oil market remained “fundamentally tight” despite a slowdown in US oil consumption and growing risks to global economic growth.

This entry was posted by Gwen Robinson on Wednesday, April 9th, 2008 at 5:46 and is filed under Capital markets. Tagged with EIA. Edit this entry.