By Bloomberg

The U.S. increased its price forecast for West Texas Intermediate crude for 2014 and reduced the estimate for Brent.

WTI will average $95.60 a barrel this year, the Energy Information Administration said in its monthly Short-Term Energy Outlook. That’s up from March’s estimate of $95.33. Brent, the North Sea-based grade, will reach $104.88, down from last month’s $104.92.

WTI will average $89.75 in 2015 and Brent $100.92, according to the EIA, the Energy Department’s statistical arm. Those estimates are unchanged from the previous month. Brent’s average premium to WTI would be $9.28 in 2014 and $11.17 in 2015.

The EIA decreased its forecast for this year’s U.S. crude output to 8.37 million barrels a day from 8.39 million. That level of 2014 production would be up 13 percent from 2013. The demand forecasts were 18.9 million for the U.S. and 91.61 million for the world versus last month’s 18.89 million and 91.6 million.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editors responsible for this story: Dan Stets at dstets@bloomberg.net Richard Stubbe, Charlotte Porter