LONDON — Oil prices rose on Thursday, recouping some of the previous session's losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favorable. Prices had fallen on Wednesday after a report showed an unexpected increase in U.S. crude inventories. The market picked up on Thursday, although the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries offered different prospects for the oil market in 2020. Brent rose 45 cents, or 0.7%, to $64.17 a barrel by 1241 GMT. IEA pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected output by the United States and other non-OPEC countries.

Source: International New York Times December 12, 2019 07:59 UTC