Oil prices edged higher 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 44 cents, or 0.7% to $64.16 a barrel, after skidding 1% on Wednesday on the U.S. stocks build-up.
West Texas Intermediate crude rose 25 cents to $59.02 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