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Crude oil priced edge up as OPEC+ maintains output cuts

5 Oct 2023 8:05 am
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Mumbai, 5 Oct (Commoditiescontrol): Crude oil prices edged up in early trade on Thursday, recuperating some of the previous session's losses after an OPEC+ panel maintained oil output cuts to keep supply tight amid concern about a looming slump in global economic growth.

Brent crude oil futures were up 11 cents to $85.92 a barrel while U.S. West Texas Intermediate crude (WTI) rose 7 cents to $84.29.

Oil prices 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.

The U.S. services sector also slowed in September as new orders fell to a nine-month low, but the pace remained consistent with expectations for solid economic growth in the third quarter.

JP Morgan expects oil price to fall to $86 per barrel by year-end from this year's peak of $97 per barrel hit in September.

(By Commoditiescontrol Bureau: 09820130172)


       
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