Saudi Arabia Announces 1 Million Barrel Per Day Output Cut, but Oil Prices Slip on Global Economic Concerns
Oil prices edged lower on Tuesday, despite Saudi Arabia's announcement of a 1 million barrel per day output cut, as concerns about the global economic backdrop outweighed supply worries.
Brent crude futures slipped 0.91% to $76.01 a barrel, and US West Texas Intermediate crude fell 1.03% to $71.41 a barrel.
Saudi Arabia increased the price of its flagship crude Arab Light to Asian buyers in July to a six-month high, while Russian crude oil continued to flood into Asia at steep discounts.
Saudi Arabia increased the price of its flagship crude Arab Light to Asian buyers in July to a six-month high, while Russian crude oil continued to flood into Asia at steep discounts.
