
Oil prices rose on Thursday after market sentiment improved amid OPEC’s forecast of supply shortages next year, outweighing data on an unexpected increase in U.S. stocks.
Photo: Reuters
February Futures for Brent crude oil added 0.53 percent, to $64,08 per barrel, while the U.S. WTI futures with delivery in January advanced 0.27 percent, to $58,91 per barrel at 9.15 GMT
It’s vital to be mentioned that OPEC said on Wednesday that it expected a moderate deficit in the oil market in 2020, indicating a greater equilibrium than it was previously expected – even earlier than the agreement over additional output cut took effect.
The revised OPEC anticipation indicates a further devaluation of the forecast for crude market glut in 2020, as production growth in the U.S. begins to slow down.
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