EIA raises oil price forecast for 2012
In its March ``Short-Term Energy Report,'' the DOE/EIA raised its oil price forecast for 2012 to $106/bbl, up $5/bbl from the previous forecast amid concerns over geopolitical tensions in the Middle East, growth in world demand and supply constraints in non-OPEC countries.
Oil prices rose after the forecast for global oil demand for this year was raised.