EIA raises oil output forecasts for 2016 and 2017

The U.S. Energy Information Administration (EIA) on Tuesday raised its forecasts for U.S. crude production for 2016 and 2017.

In its monthly energy outlook report, the government agency forecast U.S. crude output of 8.84 million barrels a day this year, up 1.3% from the previous forecast. For 2017, it sees production rising to 8.73 million barrels a day, up 1.7% from last month's forecast.