Oil steadies after demand fears wipe out gains from OPEC+ cut

​Oil steadied as traders took stock following a two-day slump, amid persistent concerns over demand as the global economy falters.

West Texas Intermediate futures traded above US$74 a barrel, having erased all of the gains since key OPEC+ nations announced surprise output cuts at the start of the month. Fuel markets are showing weakness and some refiners in Asia are considering reducing processing as margins shrink.

Oil has also been tracking wider markets in recent sessions, with higher equities in Europe and the US on Thursday providing some boost for crude. Investors are gearing up for U.S. Federal Reserve and European Central Bank interest rate decisions next week for clues on the health of the economy and the path of monetary policy.