Oil prices were broadly steady on Thursday after the previous session’s big losses, as an uncertain demand outlook held off any boost from an OPEC+ panel maintaining oil output cuts to keep a tight supply.
Brent crude oil futures rose slightly by 18 cents to $85.99 a barrel at 0818 GMT, while U.S. West Texas Intermediate crude also crawled up 18 cents to $84.40.
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, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia.
The OPEC+ ministerial panel made no changes to the group’s oil output policy, and Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia would keep a 300,000 bpd voluntary export curb until the end of December.
On the downside, the euro zone economy probably shrank last quarter, according to a survey which showed demand fell in September at the fastest pace in almost three years as consumers reined in spending amid rising borrowing costs and prices.
Source : Reuters
