Oil stable as economic fears balance OPEC+ cuts, U.S. stock draw

Oil prices remained stable on Wednesday as market players weighed prospects of worsening economies due to slow US and China manufacturing activity last month against US crude inventory declines and OPEC+ producers’ plans to reduce output. The US job openings’ decline in February, which reached its lowest level in almost two years, further fuelled fears of weak economic growth. However, news of the record diesel flows from Russia to the Middle East in March acted as a brake on crude oil prices, despite support from voluntary cuts by OPEC+.