Oil up after OPEC+ maintains output cuts but shaky demand caps gains

Tokyo, Oct. 5 (BNA): Oil prices inched up on Thursday, clawing back some of the previous session’s big losses after an OPEC+ panel-maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains.

 

Brent crude oil futures were 63 cents higher at $86.44 a barrel at 0335 GMT, while U.S. West Texas Intermediate crude (WTI) rose 49 cents to $84.71.

 

Oil settled down more than $5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus, following a meeting of an OPEC+ panel, Reuters reported.

 



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