2019.10.1610:55:00UTC+00Oil Prices Mixed As OPEC Hints More Output Cuts

Oil prices were mixed on Wednesday as Brexit uncertainty continued and investors fretted about weaker demand for fuel due to slowing global growth.

Benchmark Brent crude slipped 0.2 percent to $58.63 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.2 percent at $52.91.

The IMF has cut its forecast for growth in both 2019 and 2020, reflecting increased pessimism about the global economy.

"With central banks having to spend limited ammunition to offset policy mistakes, they may have little left when the economy is in a tougher spot," Gita Gopinath, the IMF's economic counsellor, said in the half-yearly World Economic Outlook foreword.

Meanwhile, Brexit talks are at an impasse as EU and U.K. officials resume Brexit talks later today ahead of a summit of EU leaders on Thursday.

"The fate of Brexit negotiations depend on London moving with technical negotiations having now reached an impasse," Bloomberg reported today, citing sources familiar with talks.

The report claims that the negotiations could collapse amid Democratic Unionist Party (DUP) pushback to the proposed deal.

On the positive side, oil prices received some support from reports suggesting that OPEC and its allies are committed to maintaining oil market stability beyond 2020.

OPEC, Russia and other oil producer allies will do whatever is possible within their powers to ensure relative stability is sustained beyond 2020, OPEC Secretary-General Mohammad Barkindo said on Tuesday.