Oil prices bounced late in the week after the International Energy Agency warned that Opec's deal with other producers including Russia to cut production by 1.2 million barrels per day could tip the oil market into deficit as early as the second quarter of next year. That is much sooner than previously thought and came after new data from market intelligence firm Genscape showed US crude inventories at West Texas Intermediate's (WTI) Cushing, Oklahoma, pricing point falling 822,000 bbl in the week to Dec. 11. Government figures had earlier shown Cushing stocks up 1.1 million bbl in the week to Dec. 7, which had weighed on prices.
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