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.