Crude Oil Prices Rally

Oil prices traded rallied today, during the Asian trading hours as the Organization of the Petroleum Exporting Countries (OPEC) revised its deficit estimate for 2020. 

Currently, oil trades at $58.79, which is a minor addition of $0.02 or 0.03% from the previous close of $58.77. The daily range is from $58.76 to 58.94, while the trading volume is 34.432K.

OPEC report stated that its predicts a minor deficit in the oil market in the next year.

Moreover, oil prices slipped after the U.S. Energy Information Administration announced  that crude inventories advanced 822,000 last week.

In addition, gasoline inventories jumped by 5.4 million barrels, versus to forecasts for a rise of about 2.5 million barrels.