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SINGAPORE -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 percent, to $94.93 a barrel by 0354 GMT.
U.S. West Texas Intermediate (WTI) crude futures inched up from Monday to $88.57 a barrel, and were $1.70 higher, or 2 percent, than Friday’s close. There was no settlement on Monday, the U.S. Labor Day holiday.
The Organization of Petroleum Exporting Countries and allies led by Russia, together called OPEC+, decided to reverse a 100,000 bpd increase for September after top producer Saudi Arabia and other members voiced concern about the slump in prices since June despite tight supply.
