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Oil stable as financiers weigh weak demand, possible hold-up to OPEC+ output trek

Oil was trying to hold its line in early trade on Thursday after an overnight selloff, as gamers come to grips with weak need along with a possible delay to more supply going into the market next month.

Brent unrefined futures for November increased 9 cents, or 0.12%, to $72.79 at 0002 GMT after dropping 1.42% in the previous session. U.S. West Texas Intermediate unrefined futures for October were up 12 cents, or 0.17%, to $69.32 after dropping 1.62% on Wednesday.

Both standards settled $1 lower at Wednesday's close.

OPEC+ is talking about postponing its oil output boost, arranged to begin in October after oil costs tanked to a. nine-month low on Sept. 3, four sources from the producer group. informed Reuters on Wednesday.

Last week, the Company of the Petroleum Exporting. Countries and allies led by Russia (OPEC+) was set to proceed. with its 180,000 barrels-per-day output hike in October, part of. a strategy to slowly relax its newest cuts of 2.2 million. bpd.

However an end to a disagreement stopping Libyan exports and soft. Chinese need culminating in oil hitting multi-month lows drove. the group to reevaluate.

The (OPEC+) report brought some relief to markets in early. trading, ANZ analysts stated in a note.

Nevertheless demand issues following news that China's factory. activity contracted for a fourth straight month in August included. pressure, ANZ included.

Information published over the weekend by the Chinese government. exposed the country's production activity sank to a. six-month low last month as factory gate rates toppled and. owners struggled for orders.

China is the world's largest crude importer.

Meanwhile, U.S. crude oil and fuel stocks fell last. week, according to market sources mentioning American Petroleum. Institute figures on Wednesday.

The API figures showed unrefined stocks fell by 7.431 million. barrels in the week ended Aug. 30, the sources said, speaking on. condition of privacy, compared with experts' expectation in a. Reuters poll of a one-million barrel draw.

The market awaits weekly U.S. oil stocks data from the. Energy Information Administration (EIA), due to be released on. Thursday at 11:00 a.m. EDT (1430 GMT).

(source: Reuters)