Oil up as OPEC+ cuts override China, US demand concerns

Oil prices rebounded slightly on Wednesday after four days of declines as signs of supply tightness amid output cuts by major producers overrode demand concerns in China and the US, the world’s two biggest crude consumers. Brent crude futures were up 53 cents, or 0.65 per cent, to $82.57 a barrel at 0922 GMT, while US West Texas Intermediate crude futures rose 64 cents, or 0.82pc, to $78.79 a barrel, after declining the past two days. China’s 2024 economic growth target of around 5pc set on Tuesday lacked big-ticket stimulus plans to bolster its struggling economy, raising concerns of sluggish oil demand growth.