The U.S. Energy Information Administration (EIA) downgraded its oil output and price forecasts on Tuesday. The agency expects average US crude production to be 8.67 million barrels per day (bpd) in 2016, down from a previous estimate of 8.69 million bpd, and 8.19 million bpd in 2017, down from a previous estimate of 8.46 million bpd.

WTI oil prices is expected to be $34.04 a barrel in 2016, down from a previous estimate of $37.59, and $40.09 a barrel in 2017, down from a previous forecast of $50.