WTI crude futures traded near $84 per barrel on Tuesday after jumping more than 5% in the previous session, with prices remaining supported ahead of an OPEC+ meeting where it is expected to announce a large supply cut to counter recent weakness in energy markets. The group of major producers is set to meet in Vienna on Wednesday and is likely to reduce output by more than 1 million barrels per day, with the possibility of additional voluntary cuts by individual members, Reuters reported. Meanwhile, the US oil benchmark declined for the fourth straight month in September as aggressive interest rate hikes by major central banks aimed at curbing inflation sparked fears of a global economic slowdown that could hurt energy demand. A surging dollar that makes greenback-priced commodities more expensive for overseas buyers and Covid-related uncertainties in top crude importer China also weighed on oil prices.
