Oil up after OPEC+ maintains output cuts but shaky demand caps gains
© Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
Oil settled down more than $5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus, following a meeting of an OPEC+ panel, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia. "We continue to see the market in deficit through the fourth quarter and the softer prices reduce the probability OPEC will ease supply constraints," National Australia Bank reported on Wednesday.prices has been riding on the narrative of tighter supply dynamics and resilient global economic conditions, so there is some discomfort for the bulls lately when the tailwinds were not as prominent as before," said Yeap Jun Rong, a market strategist at IG.
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