2023.10.0409:55:00UTC+00Oil Prices Fall On Demand Worries

Oil prices were down sharply on Wednesday ahead of an OPEC review of the global crude market and a weekly update of U.S. stockpiles.

Benchmark Brent crude futures fell 1 percent to $90.03 a barrel in European trade, while WTI crude futures were down 1.1 percent at $88.23.

Fears stemming from the dollar's surge, rising bond yields and a gloomy economic outlook weighed on prices, overshadowing Saudi Arabia's announcement to continue crude output cuts to the end of 2023.

Earlier today, Saudi Arabia said it would continue with a voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year.

Russia intends to keep a 300,000-bpd voluntary export curb until the end of December, as previously announced.

Traders now look ahead of the OPEC+ meeting later in the day, with members expected to keep output policy unchanged during the online meeting. Weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) are also awaited with the API scheduled to publish its inventory report later in the day.