Oil pares drop with OPEC+ cuts weighed against growth outlook

​Oil traded near US$82 a barrel as traders weighed a clouded outlook for global economic growth against the potential for output cuts from the OPEC+ producer group.

West Texas Intermediate futures pared an earlier decline to trade little changed. The Organization of Petroleum Exporting Countries and its allies are discussing cutting output at a meeting next week, a delegate said, a move that could serve to stem a recent slump in prices. 

While crude is on track for a weekly gain, futures are still heading for the first quarterly decline in more than two years as fears of a potential recession hang over the market. The dollar has spiked this month and is trading near a record, making commodities priced in the US currency less attractive to investors.

At the same time, however, the market’s structure has firmed in recent days, indicating tighter supplies.