Crude oil futures ended almost flat with positive bias on Tuesday as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced that they will slash oil production by 100,000 barrels per day (bpd) in October, roughly 0.1% of global demand, reflecting expectations of slower global economic growth. OPEC+ leaders confirmed they can meet at any time, before a next agreed gathering on October 5, 2022, if production needs to be altered again. However, worries about outlook for energy demand amid rising fears of a recession, and the dollar’s uptick limited oil’s rise. The dollar index climbed to a fresh 20-year high at 110.55 before paring some gains.
Benchmark crude oil futures for October delivery rose by about a penny or about 0.09 percent to settle at $86.88 a barrel on the New York Mercantile Exchange. However, Brent crude for November delivery fell $2.91 or about 3 percent to settle at $92.83 a barrel on London's Intercontinental Exchange.