Oil Steady as Markets Weigh OPEC+ Cuts Against China Demand Concerns

Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang Province, China, on Aug. 22, 2019. Stringer/Reuters

Oil prices were steady on Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts in tightening supply against a worsening demand outlook in China.

Brent crude futures fell 5 cents, or 0.06 percent, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22 percent, to $72.16 a barrel.