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Oil prices rose yesterday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the US Federal Reserve said the economic outlook was favourable. Prices had fallen on Wednesday after a report showed an unexpected increase in US crude inventories.

The market picked up yesterday, although the International Energy Agency and The Organisation of the Petroleum Exporting Countries offered different prospects for the oil market in 2020. Brent rose 41 cents, or 0,6 percent, to $64,13 a barrel by 1005 GMT. West Texas Intermediate crude was up 22 cents, or 0,4 percent, at $58,98 a barrel. IEA said yesterday that global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts and expectations for lower production by the United States and other non-OPEC countries. — moneycontrol.com.