Oil prices traded higher on Thursday in Asia as the Organization of the Petroleum Exporting Countries (OPEC) revised its deficit forecast for next year.

U.S. Crude Oil WTI Futures gained 0.1% to $58.84 by 12:18 AM ET (04:18 GMT). International Brent Oil Futures gained 0.4%.

In a report released overnight, OPEC said it now expected a small deficit in the oil market in the next year, suggesting the market is tighter than previously thought.

The revised forecast by OPEC marks a further retreat from a prediction of a glut in 2020 as U.S. production growth begins to slow.

Source : Investing.com