Oil market under pressure over demand concerns

The crude oil market remained in the grip of bearish investors as demand concerns overshadow efforts by the Organization of the Petroleum Exporting Countries to stabilize the market, ANZ Bank said in a Thursday note.

OPEC+ alliance members are reportedly nearing an agreement to pause its plan to phase out production cuts, ANZ Bank said, citing a report from Bloomberg. The report brought some relief to markets.

However, concerns about subdued demand returned to drive prices lower, triggered earlier this week by further weak economic data, the bank noted.

The U.S. Federal Reserve also reported declining U.S. economic activity and the possibility of easing monetary policy failed to ignite any response from investors, ANZ Bank said.

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.