Oil prices stable on Wednesday after fourday losing streak
Russia39;s Vladimir Putin flies to UAE, Saudi Arabia on Wednesday
China trade data scheduled for Thursday after Moody39;s downgrade

Dec 6 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, to 77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22, to 72.16 a barrel.

The Organization of the Petroleum Exporting Countries and allies such as Russia OPEC agreed on voluntary output cuts of about 2.2 million barrels per day bpd for the first quarter of 2024 late last week.

Saudi and Russian officials added this week that the cuts could be extended or deepened beyond March.

But both benchmarks closed at their lowest level since July 6 in the previous session, on a run of four straight days of losses.

The decision to further reduce output from January failed to stimulate the market and the recent, seemingly coordinated, assurances from Saudi Arabia and Russia to extend the constraints beyond 1Q 2024 or even deepen the cuts if needed have also fallen to deaf ears, PVM analyst Tamas Varga said.

Concerns over China39;s economic health, which could limit overall fuel demand in the world39;s second largest oil consumer, also weighed on prices.

Rating agency Moody39;s lowered the outlook on China39;s A1 rating to negative from…