Oil prices have declined slightly, despite an announcement by the global cartel that it's trimming output next month. The alliance OPEC+ led by Saudi Arabia says it's cutting production levels by 100,000 barrels a day in October. Meanwhile, the European Union is moving to address its own energy crunch with a proposed cap on the price of gas from Russia, its leading supplier.

That's in response to Moscow's decision to shut down the key Nord Stream pipeline to Germany.

For more on global energy market, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.

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