Oil drops as economic headwinds overshadow supply cuts – Reuters
- Date: 05-Jul-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil drops as economic headwinds overshadow supply cuts – Reuters
TOKYO/SINGAPORE, July 5 (Reuters) - Oil prices fell on Wednesday, reversing some gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment.
Brent crude was down 46 cents, or 0.6%, at $75.79 a barrel by 0418 GMT, after climbing $1.60 on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures were at $70.87 a barrel, up $1.08, or 1.6%, from Monday's close, having traded through a U.S. holiday to mark Independence Day without a settlement.
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