Oil slips from highest since December ahead of OPEC+ supply move

​Oil edged lower from the highest level this year after a surge driven by supply cuts from OPEC+ that have tightened the market.

Global benchmark Brent slipped below US$89 a barrel as a risk-off sentiment was prominent in other markets, including European equities. The dollar also climbed, making commodities priced in the currency less appealing.

Crude has rallied by about a quarter since late June as the impact of supply reductions — which have been led by Saudi Arabia and Russia — worked their way through the market. Riyadh and Moscow are expected to announce their next steps in the coming days, with the cuts expected to be extended.