"OPEC+ Cut Doubts and Mid-East Tension Keep Oil Prices Steady"

Oil prices remained steady as uncertainty loomed over the effectiveness of voluntary output cuts by the OPEC+ group, tensions escalated in the Middle East, and weak US economic data emerged. Brent crude futures edged up slightly, supported by comments from Saudi Arabia's energy minister suggesting that production cuts could extend beyond the first quarter of 2024 if necessary. However, doubts about the impact of the OPEC+ cuts and a stronger US dollar weighed on oil prices. Concerns over supply were heightened by the resumption of fighting in the Israel-Hamas war and attacks on commercial vessels in the Red Sea. Additionally, US factory orders falling more than expected raised concerns about the health of US demand.