Oil maintains most of recent gains asf OPEC+ heads for deep supply cuts
Oil inched lower on Wednesday after gains in recent days as OPEC+ producers looked set to agree deep output target cuts later in the day despite a tight market.
Brent crude was down 23 cents, or 0.3%, at $91.57 a barrel at 0839 GMT while U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.4%, to $86.20 a barrel. Both contracts rose sharply in the last two days.
Oil has risen so far this week in anticipation of the largest output cut by OPEC+ since the depths of the COVID-19 pandemic in 2020, said Fiona Cincotta, senior financial markets analyst at City Index.
“In reality, the real impact of a large cut would be smaller, given that some of the members are failing to reach their output quotas,” Cincotta added.
