SINGAPORE, Oct 5 Reuters Oil prices inched up on Thursday, clawing back some of the previous session39;s big losses after an OPEC panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains.

Brent crude oil futures rose 55 cents to 86.36 a barrel at 0640 GMT, while U.S. West Texas Intermediate crude climbed 55 cents to 84.77.

Oil settled down more than 5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus following a meeting of an OPEC panel, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia.

The OPEC ministerial panel made no changes to the group39;s oil output policy, and Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day bpd until the end of 2023, while Russia would keep a 300,000 bpd voluntary export curb until the end of December.

We continue to see the market in deficit through the fourth quarter and the softer prices reduce the probability OPEC will ease supply constraints, National Australia Bank analysts said in a note.

On the downside, the euro zone economy probably shrank last quarter, according to a survey which showed demand fell in September at the fastest pace in almost three years as consumers reined in spending amid rising borrowing costs and prices.

The latest data also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to about…