Oil prices ease on symbolic OPEC+ output cut

Oil prices inched lower on Tuesday, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market’s recent slide.

Brent crude futures had fallen 81 cents, or 0.9 per cent, to $94.93 a barrel by 0354 GMT.

US West Texas Intermediate (WTI) crude futures inched up from Monday to $88.57 a barrel, and were $1.70 higher, or 2.0 per cent, than Friday’s close. There was no settlement on Monday, the US Labor Day holiday.