U.S. Crude Oil Tops $79 as DOE Predicts Supply Deficit U.S. crude oil prices rose above $79 per barrel on Wednesday, extending gains as the Department of Energy (DOE) and OPEC projected a supply deficit due to increased demand. The DOE raised its global oil consumption growth forecast to 1.1 million barrels per day (bpd) for this year, up from 900,000 bpd, while OPEC maintained its forecast of 2.2 million bpd. These optimistic projections contrast with the International Energy Agency’s bearish outlook on demand. Current energy prices show significant gains in oil and gasoline, while natural gas has also seen a substantial year-to-date increase. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts America Blew Almost $2 Trillion. Make It Stop: Kathryn Edwards READ MORE Talent Exodus Under John Williams Sparks Concerns at New York Fed READ MORE Jamie Dimon Warns of U.S. Debt Crisis as Nation Adds $2.1 Trillion in Three Months READ MORE Latest Inflation Data Shows Fed Has More Work to Do READ MORE June Inflation Report: A Potential Game-Changer for Fed Policy and Markets READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment