Oil prices fall as fears of imminent OPEC+ output cut recede

Oil prices fell on Wednesday, taking a breather from a nearly 4 per cent surge the previous day on receding fears of an imminent output cut by the Organisation of the Petroleum Exporting Countries and allies, a group known as OPEC+.

Global benchmark Brent crude futures fell 21 cents, or 0.2 per cent, to $100.01 a barrel by 0114 GMT, after rising 3.9 per cent on Tuesday. The US West Texas Intermediate crude futures contract was down 10 cents, or 0.1 per cent, at $93.64 a barrel, having jumped 3.7 per cent the previous day.

Both contracts soared on Tuesday after de facto OPEC leader Saudi Arabia flagged the possibility of introducing cuts to balance a market it described as “schizophrenic”, with the paper and physical markets becoming increasingly disconnected.