Oil Prices Stabilize on OPEC Supply Deficit Forecast
Thursday, 12 December 2019 09:00 WIB | ENERGY |Oil,BrentWTIMinyak

Oil prices steadied on Thursday with the market mood switching to relief as OPEC forecast a supply deficit next year, from doom and gloom over data showing a surprise increase in U.S. crude inventories.

Brent futures rose 19 cents, or 0.3% to 63.61 a barrel by 01:00 GMT, after skidding 1% on Wednesday on the U.S. stocks build-up.

West Texas Intermediate crude was down 9 cents at $58.85 a barrel, following a 0.8% drop the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday said it now expected a small deficit in the oil market in the next year, suggesting the market is tighter than previously thought - even before the latest pact with other producers to curb supply takes effect.

Source : Reuters

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