LONDON—Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC’s voluntary output cuts announcement.
Brent crude futures gained 22 cents, or 0.26 percent, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S. crude was up 12 cents, or 0.15 percent, to $80.83 a barrel.
The official crude inventories report by the U.S. Energy Information Administration is due at 1430 GMT on Wednesday.
Bullish sentiment continued after voluntary cuts pledged by the Organization of Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.
“Energy traders are still digesting the OPEC+ surprise production cut and any news that suggests the oil market will remain even tighter is going to send prices even higher,” said Edward Moya, an analyst at OANDA….