oil futures saw small gains thursday with pressure from a renewed rise by the us dollar offset by prospects for a production cut by the organization of the petroleum exporting countries and its allies oil has found support this week bouncing off eightmonth lows as a rally by the dollar relented after taking the us dollar index dxy to a 20year high while traders turned their attention to the prospect of a production cut by opec but analysts said the tone for crude remains weak with worries that aggressive monetary tightening by the federal reserve and other major central banks will sink the global economy outweighing worries over the russiaukraine war and other supply concerns “the lack of a disruption risk premium makes it clear the market fears fed chair powell more than it fears escalatory conduct from vladimir putin or opec’s ability to defend the market” said michael tran commodity analyst at rbc capital markets in a note a statement from the north atlantic treaty organization said all “currently available information” points to the damage to the nord stream 1 and 2 pipelines that has resulted in a series of leaks was the result of “deliberate reckless and irresponsible acts of sabotage” nato did not identify a perpetrator see as fourth nord stream leak is discovered here’s what scientists are saying about the environment impact opec members have discussed a potential production cut ahead of a meeting next week reuters reported the report said russia could suggest a cut of up to one million barrels a day tran however said opec faces a dilemma after saudi arabia previously complained of a disconnect between a soft futures market and a tight physical market “the group symbolically cut 100000 barrels a day earlier this month larger cuts over the near term would signal a concession that physical demand is worse than initially assessed cut too little and the market shrugs it off” tran said “that is the catch22” crude also found some support from hurricane ian which made landfall in florida wednesday as a violent category 4 storm the bureau of safety and environmental enforcement had estimated wednesday afternoon that approximately 912 of the current oil production and 595 of the natural gas production in the gulf of mexico had been shut in see hurricane ian these stocks could feel the storm’s impact