Oil dips on symbolic OPEC+ output cut

MELBOURNE: Oil prices slipped early on Tuesday, paring the previous session’s 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market’s recent slide.
Brent crude futures fell 33 cents, or 0.3%, to $95.44 a barrel at 0054 GMT.
U.S. West Texas Intermediate (WTI) crude futures inched up from Monday to $89.13 a barrel, and were up $2.26, or 2.6%, from Friday’s close. There was no settlement on Monday, the U.S. Labor Day holiday.
The Organization of Petroleum Exporting Countries and allies led by Russia, together called OPEC+, decided to reverse a 100,000 bpd increase for September after top producer Saudi Arabia and other members voiced concern about the slump in prices since June despite tight supply.