Energy

OPEC supply deficit in focus

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Oil field workers with Wisco work on a pump jack in North Dakota, the United States, on November 6, 2013.

Ken Cedeno | Corbis News | Getty Images

Oil prices steadied 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 19 cents, or 0.3% to 63.61 a barrel by 0100 GMT, after skidding 1% on Wednesday on the U.S. stocks build-up.

West Texas Intermediate crude was down 9 cents at $58.85 a barrel, following a 0.8% drop the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday said it now…

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Source cnbc.com

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