(Updates with settlement prices beginning in seventh paragraph.)
Dec. 10 (Bloomberg) -- The Energy Information Administration left its 2014 forecast for West Texas Intermediate prices unchanged at $95 a barrel and said U.S. domestic crude production rose to a 25-year high last month.
WTI will average $97.64 a barrel this year, the Energy Department’s statistical unit said today in its monthly Short- Term Energy Outlook. The previous projection was $97.74.
Brent will average $108.41 this year and $104.08 in 2014, the EIA predicted. The previous projections were $108.01 and $103. The forecast for WTI’s discount to Brent in 2014 is $9.08.
U.S. crude output climbed to 8 million barrels a day in November, the highest monthly level since November 1988. Production will average 7.5 million this year and 8.54 million in 2014, up from the estimates of 7.49 million and 8.49 million last month.
Unrest in Libya and Nigeria helped increase unplanned outages from the Organization of Petroleum Exporting Countries to 2.5 million barrels a day in November from 2.3 million in October, the EIA said. It expects Libya’s strife to keep 1 million barrels a day off the global market through 2014.
The EIA increased its global oil-consumption forecast for this year to 90.28 million barrels a day from 90.25 million last month. The 2014 projection is 91.43 million, up from the previous 91.39 million.
WTI for January delivery rose $1.17, or 1.2 percent, to $98.51 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 28.
Brent for January settlement slipped 1 cent to $109.38 a barrel on the London-based ICE Futures Europe exchange. The European benchmark traded at a $10.87 premium to WTI. The spread widened to $19.38 in intraday trading on Nov. 27, the most since March.
--Editors: Richard Stubbe, Margot Habiby