Author: Andres Guerra Luz and Alex Longley

Oil was little changed as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand.

Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check.

Oil set a fresh one-year high in New York with continued producer supply curbs helping spur strength everywhere from physical markets to the futures curve.

Oil ended a choppy session lower with worsening global coronavirus outbreaks accentuating concerns over a demand rebound.

Oil fell amid growing concerns that another wave of the coronavirus pandemic will lead to tighter lockdown measures and further stifle crude demand.

Oil pared its advance Sept. 23 as stocks fell on the latest warnings from Federal Reserve officials about the economic outlook due to the coronavirus.