The American Energy Agency (EIA) raised its price forecasts for a barrel of oil in the United States in 2020 and 2021 on Tuesday, while it expects production in the country to fall next year.

The EIA now expects an average WTI light crude price of $38.96 per barrel this year, up 2% from its November forecast. The projection for 2021 has also been revised up by 3.5%, to 45.78 dollars per barrel on average

For Brent, the EIA expects average prices of 41.43 dollars and 48.53 dollars this year and next, representing increases of 2% and 4.2% respectively compared to its previous monthly forecast.

The EIA assumes production of around 11.34 million barrels of oil per day this year in the United States, which is 0.5% lower than its November forecast. But the production level expected in 2021, of 11.1 million barrels, remains unchanged.

The WTI crude futures contract for delivery in January lost 13 cents, or 0.3% in session in New York, to 45.63 dollars per barrel. Brent crude oil rose 5 cents, or 0.1%, to 48.83