"Market conditions won out," said Harry Tchilinguirian, head of oil research at Onyx Commodities Ltd. "OPEC+ showed it couldn't ignore the current macroeconomic economic realities centered on China and Europe, which point to weaker oil demand growth."
The OPEC+ move is "modestly positive," said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. The market will focus instead on Iran's response to Israel's attacks and the outcome of US elections, he said.
Brent futures have slumped 17% in the past four months to trade near $73 a barrel, too low for the Saudis and many others in OPEC+ to cover government spending.
Global markets still face a glut next year even if the OPEC+ alliance refrains from increasing supplies, the International Energy Agency in Paris estimates.
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