LONDON, Oct 4 Reuters Oil fell on Wednesday, as Saudi Arabia39;s announcement to continue crude output cuts to the end of 2023 was offset by demand fears stemming from macroeconomic headwinds.

Brent crude oil futures were down 58 cents, or 0.64, to 90.34 a barrel at 0841 GMT, while U.S. West Texas Intermediate crude WTI fell 66 cents, or 0.74, to 88.57 per barrel.

Both contracts traded more than 1 lower than Tuesday39;s settlement price at their intraday nadir on Wednesday, with Brent falling to 89.83 a barrel, and WTI to 88.11 a barrel.

Oil prices remain under pressure from demand fears driven by macroeconomic headwinds.

Oil prices are resuming their decline amid concerns over high interest rates for longer, hurting the demand outlook and as investors look ahead to the OPEC meeting, said Fiona Cincotta, analyst at City Index.

Saudi Arabia39;s energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day bpd crude supply cut until the end of this year.

Russia said it will continue its current 300,000 bpd crude export cuts until the end of the year, and will review its voluntary 500,000 bpd output cut, set back in April, in November.

Russia was also discussing partial permission for fuel exports at all levels, staterun TASS agency reported on Wednesday, citing Russian Energy Minister Nikolai Shulginov.

Russia could be ready to ease its diesel ban in coming days, according to a daily Kommersant report on Wednesday citing…