(Reuters) - HSBC's (HSBC) latest oil market supply and demand model envisions OPEC+ gradually unwinding 1.65 million barrels per day in "first-phase" voluntary production cuts over a 12-month period, the bank said in a note on Tuesday. The bank's oil market model had previously assumed that OPEC+ would take a breather after unwinding 2.2 million barrels per day (bpd) of cuts, and wait until 2026 to add more barrels. "However, the group seems undeterred by negative demand seasonality and the prospect of a ...

An oil terminal in Saudi Arabia. Source: Bloomberg Oil steadied as traders weighed an OPEC+ decision to raise production at a modest against Saudi Aramco’s reduction in selling prices of its crude to Asia. West Texas Intermediate crude edged up 0.6% to settle above $62 a barrel after losing more than 3% last week, when it became apparent that an output hike was on the way. The Organization of the Petroleum Exporting Countries and its partners decided to add 137,000 barrels a day in October, a smaller inc ...