OPEC’s Deficit Forecast Causes Oil To Rise – 11 December, 2019

Worries over oil supplies and demand eased this week with OPEC cuts balancing out an increase in U.S. inventories, causing crude prices to rise slightly. International Brent futures were up 0.4% or 24 cents to $63.96 per barrel having slipped 1% the previous session. U.S. West Texas Intermediate crude dropped 0.2% or 10 cents to $58.85 per barrel having shed 0.8% the previous session. OPEC suggested the market is tighter than originally anticipated, leaving the organization expecting a deficit in the market in the coming year. Global growth has been hit hard as the U.S. and China continue to hash out a trade agreement, with tariffs on Chinese imports expected to take effect on December 15. U.S. stockpiles are still on the rise, having added 800,000 barrels last week when a poll showed an expected decline of 2.8 million barrels.