The crude oil market remained in the clutches of pessimistic speculators, with demand fears overshadowing efforts by the Organization of Petroleum Exporting Countries to stabilize the market, according to an ANZ Bank note released on Thursday.
According to ANZ Bank, OPEC+ alliance members are close to reaching an agreement to stop their plan to phase down output cutbacks. The report provided some respite to the markets.
However, fears about weaker demand resurfaced to force prices lower, triggered earlier this week by more dismal economic data, the bank said.
The Federal Reserve also reported falling economic activity in the United States, and the likelihood of easing monetary policy elicited little response from investors, according to ANZ Bank.
After recording losses in the previous session, Brent crude gained 0.9% to US$73.36 per barrel and West Texas Intermediate crude rose 0.9% to US$69.81/b at last look early Thursday.
