Crude Oil Prices On A Rally

Oil prices advanced this morning after OPEC's forecast for oil demand next year added to the estimates that the cartel will extend on the supply limitations.

There are good expectations that Washington and Beijing could soon come to a trade agreement.

Now, oil trades at $6.69, which is a minor loss of $0.18 or 0.32% from the previous close of $56.87.

The daily range is from $56.64 to $57.09, while the trading volume is 61.089K.

Moreover, West Texas Intermediate crude rallied 21 cents, or 0.4%, at $56.98 a barrel, after losing 0.6% in the previous session.

OPEC announced demand for its crude would average 29.58 million bpd for 2020, which is a 1.12 million bpd reduction versus 2019.