Oil futures recouped some losses on Wednesday, recovering from a 2 percent slide in the previous session, supported by supply concerns stemming from last week’s OPEC+ cut to its production target, though a stronger dollar weighed on sentiment.
Brent crude futures were up 62 cents, or 0.7 percent, at $94.91 a barrel by 1120 GMT after touching a session low of $93.33.
U.S. West Texas Intermediate crude was up 39 cents, or 0.4 percent, at $89.74 after a session low of $88.27.
“There are two dominant forces in the oil market at the moment; the economic outlook being the primary downside risk and OPEC+ the upside,” said OANDA analyst Craig Erlam….