(Bloomberg) — Oil steadied after its biggest surge since June as the OPEC cartel and its partners prepared to assess a downbeat outlook for the crude market.
Futures slid 0.1% in New York to trade near $40 a barrel. Earlier, oil joined other commodities and European stocks in moving lower as the dollar climbed, though later steadied, after Federal Reserve Chair Jerome Powell highlighted uncertainty about the economic rebound.
The OPEC+ Joint Ministerial Monitoring Committee convenes at 2 p.m. Vienna time to assess whether vast production cuts they’ve made are tackling a global oversupply.
The coalition is still working to get all members to pull their weight in an agreement to constrain supplies: The United Arab Emirates signaled that it would make up for pumping too much oil in the past two months, and Iraq is exporting more crude so far in September than its daily average in August.