Worldwide crude oil prices will average $61 a barrel in 2019. That’s according to the Short-term Energy Outlook by the U.S. Energy Information Administration. The estimate is $11/b lower than the EIA prediction just a month ago.

The forecast dropped after oil prices dipped below $50 a barrel in November. The average for the month was $65/b. Commodities traders had bid prices down. They believed higher U.S. supplies would flood the market at the same time slowing global growth would cut into demand. Saudi Arabia and Russia had also produced oil at record levels. [read more]