Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement.
Brent crude futures gained 22 cents, or 0.26%, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S. crude was up 12 cents, or 0.15%, to $80.83 a barrel.
"Energy traders are still digesting the OPEC+ surprise production cut and any news that suggests the oil market will remain even tighter is going to send prices even higher," said Edward Moya, an analyst at OANDA. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have capped oil oil price gains.
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