By NICOLE FRIEDMAN
NEW YORK -- The US government raised its forecasts for the prices of oil and oil products Tuesday after crude oil prices rose 4% in July.
The Energy Information Administration projected the price of West Texas Intermediate crude, the US benchmark, will average $93.90/bbl in 2012, up from $92.83/bbl predicted in July.
WTI for September delivery recently traded up $1.42, or 1.5%, at $93.62/bbl on the New York Mercantile Exchange.
The price projections were part of the August edition of the Short-Term Energy Outlook, released monthly by the EIA, the independent statistical arm of the US Department of Energy.
The EIA also revised its price estimate for Brent crude, the European benchmark, upward to $108.07/bbl from $106. The report included price estimates for Brent for the first time last month.
Brent futures recently traded up $2.32, or 2.1%, at $111.87/bbl.
Retail gasoline prices were forecast to average $3.53/gal this year, up from $3.49/gal in the July estimate.
The EIA expects retail diesel prices to average $3.84/gal, up from last month's estimated $3.79/gal.
Heating-oil prices were projected to average $3.68/gal, up from $3.64/gal estimated in July.
Dow Jones Newswires