Oil prices rise towards $90 as OPEC-plus considers output cut

Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.

Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67.

Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters.

One source from the Organization of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes.

Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).