2019.12.1709:25:00UTC+00Oil Prices Hover Near Three-month Highs

Oil prices fell slightly on Tuesday but hovered near three-month highs after JP Morgan and Goldman Sachs revised their oil price forecasts upwards.

Benchmark Brent crude edged down 0.15 percent to $65.25 a barrel, while West Texas Intermediate crude futures were down 0.1 percent at $60.09 a barrel.

While the recently announced trade deal between the U.S. and China is positive, lack of concrete details about the interim deal kept underlying sentiment cautious.

Meanwhile, fears of a hard Brexit resurfaced, with ITV News reporting that British Prime Minister Boris Johnson was taking a hard line on Britain's transition period for leaving the European Union.

It was said that Johnson will legislate via an amendment to the Withdrawal Agreement Bill as soon as Friday to "legally prohibit" any further delay to the U.K.'s departure from the bloc.

On the positive side, JP Morgan and Goldman Sachs have revised their oil price forecasts for the next year upwards, citing the improved trade outlook and lower supply following an OPEC-led agreement to curb output further.