The WTI spot price increased to $81.67, up $3.75 from the previous marginal price of $78 for the week ending June 28. The WTI futures price rose by $1.62, or 2%, from $81.54 to $83.16 for the week ending July 5, including a $3.75 risk premium. The WTI 12-month spread increased by $0.34, or 5%, indicating a steeper backwardation. Brent futures also saw a slight increase of $0.13, settling at $86.54, though the 12-month spread decreased by $0.70, suggesting possible lower prices next week. On July 8, WTI crude futures settled at $82.33 per barrel, down 83 cents, or 1%. Brent crude futures settled at $85.75 per barrel, down 79 cents, or 0.91%. The U.S. EIA raised its 2024 WTI price forecast to $82.03 per barrel from $79.70 and the 2025 forecast to $83.88 from $80.88. The EIA also raised its 2024 Brent price forecast to $86.37 per barrel from $84.15 and the 2025 forecast to $88.38 from $85.38. U.S. crude oil production is expected to increase by 40,000 barrels per day in July, reaching 13.28 million barrels per day, the highest level since November 2023. The EIA also lowered its forecast for 2024 world oil production by 200,000 barrels per day, now expecting output to grow by 600,000 barrels per day year-on-year to 102.4 million barrels per day.