Oil steadies after rally on symbolic OPEC+ output cut

Brent crude was down 26 cents, or 0.3%, to US$95.48 at 0815 GMT US West Texas Intermediate (WTI) inched up from Monday to US$89.19, up US$2.32 or 2.7% from Friday’s closeOil steadied on Tuesday after a two-day rally as OPEC+’s decision to cut output in October was balanced by concern about a weak economic outlook and the prospect of more interest rate hikes.The Organization of Petroleum Exporting Countries and allies led by Russia, known as OPEC+, decided to cut output targets by 100,000 barrel per day after Saudi Arabia voiced concern about a slump in prices since June.