1508 EST -- Crude oil futures recover some of the ground lost the previous session when Saudi Arabia cut its official selling prices for February by more than expected. WTI for February delivery settles up 2.1%, at $72.24 a barrel, and March Brent rises 1.9%, to $77.59 a barrel. The EIA raises its 2024 U.S. crude oil production forecast to an average of 13.2 million barrels a day, and predicts a further increase to 13.4 million barrels a day in 2025--both records. It attributes the expected growth to increased well efficiency, although limited by fewer active drilling rigs. The market has totally discounted the forecasts "and simply ripped higher," says Mizuho's Robert Yawger in a note, "but we have a lot of crude oil and natural gas in this country." (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
01-09-24 1523ET
