Oil prices gain as OPEC revises deficit forecast
TOKYO - 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.
West Texas Intermediate crude CLc1 was down 9 cents at $58.85 a barrel, following a 0.8% drop the previous session. Still, U.S. inventories are on the rise. Crude stockpiles last week rose unexpectedly, gaining more than 800,000 barrels, compared with a Reuters poll that forecast a 2.8 million barrel decline.
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