<p>Oil prices were broadly stable on Wednesday as pressure from a strengthening dollar and crude storage builds was offset by US production cuts caused by Hurricane Ian.</p>.<p>Brent crude futures were up 5 cents, or 0.06 per cent, at $86.32 per barrel by 0937 GMT, while US West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.1 per cent, at $78.41 per barrel. Both contracts erased earlier falls after rising over 2 per cent in the previous session.</p>.<p>In the Gulf of Mexico, about 190,000 barrels per day of oil production, or 11 per cent of the Gulf's total, were shut-in due to Hurricane Ian, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).</p>.<p>But the dollar hit a fresh two-decade peak against a basket of currencies on Wednesday as rising global interest rates fed recession concerns. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.</p>.<p>US crude oil stocks rose about 4.2 million barrels for the week ended September 23, while gasoline inventories fell about 1 million barrels, according to market sources on Tuesday, citing figures from industry group the American Petroleum Institute.</p>.<p>Distillate stocks rose by about 438,000 barrels, according to the sources. The report comes ahead of official Energy Information Administration data due 1430 GMT.</p>.<p>Goldman Sachs cut its 2023 oil price forecast on Tuesday, due to expectations of weaker demand and a stronger US dollar, but said global supply disappointments only reinforced its long-term bullish outlook.</p>.<p>An upcoming price catalyst will be producer group OPEC+'s October 5 meeting at which Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with the Russian viewpoint said on Tuesday.</p>
<p>Oil prices were broadly stable on Wednesday as pressure from a strengthening dollar and crude storage builds was offset by US production cuts caused by Hurricane Ian.</p>.<p>Brent crude futures were up 5 cents, or 0.06 per cent, at $86.32 per barrel by 0937 GMT, while US West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.1 per cent, at $78.41 per barrel. Both contracts erased earlier falls after rising over 2 per cent in the previous session.</p>.<p>In the Gulf of Mexico, about 190,000 barrels per day of oil production, or 11 per cent of the Gulf's total, were shut-in due to Hurricane Ian, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).</p>.<p>But the dollar hit a fresh two-decade peak against a basket of currencies on Wednesday as rising global interest rates fed recession concerns. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.</p>.<p>US crude oil stocks rose about 4.2 million barrels for the week ended September 23, while gasoline inventories fell about 1 million barrels, according to market sources on Tuesday, citing figures from industry group the American Petroleum Institute.</p>.<p>Distillate stocks rose by about 438,000 barrels, according to the sources. The report comes ahead of official Energy Information Administration data due 1430 GMT.</p>.<p>Goldman Sachs cut its 2023 oil price forecast on Tuesday, due to expectations of weaker demand and a stronger US dollar, but said global supply disappointments only reinforced its long-term bullish outlook.</p>.<p>An upcoming price catalyst will be producer group OPEC+'s October 5 meeting at which Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with the Russian viewpoint said on Tuesday.</p>