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US Energy Information Administration (EIA) expects oil prices to be below $60 per barrel over this and the next year.

North Sea Brent crude oil prices averaged $47 a barrel in August, a $10 a barrel decrease from July, EIA’s Short-Term Energy Outlook said.

“This third consecutive monthly decrease in prices likely reflects concerns about lower economic growth in emerging markets, expectations of higher oil exports from Iran, and continuing growth in global inventories,” EIA said.

Crude oil price volatility increased significantly, with Brent prices showing daily changes of more than 5 percent for four consecutive trading days from August 27 to September 1, the longest such stretch since December 2008, according to the EIA.

EIA forecasts that Brent crude oil prices will average $54 a barrel in 2015 and $59 a barrel in 2016.

Forecast West Texas Intermediate (WTI) crude oil prices in 2015 and 2016 average $5 a barrel lower than the Brent price, according to the EIA’s forecasts.

Light, sweet crude for October delivery settled down $1.79, or 3.9 percent, at $44.15 a barrel on the New York Mercantile Exchange on September 9.

Brent, the global benchmark, fell $1.94, or 3.9 percent, to $47.58 a barrel on ICE Futures Europe.

EIA estimates total U.S. crude oil production declined by 140,000 barrels per day in August compared with July production. Crude oil production is forecast by the EIA to continue decreasing through mid-2016 before growth resumes late in 2016. Projected U.S. crude oil production averages 9.2 million barrels per day in 2015 and 8.8 million barrels per day in 2016.

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