Oil extends losses as economic slowdown concerns return – Reuters

Oil extends losses as economic slowdown concerns return – Reuters

TOKYO/SINGAPORE, June 7 (Reuters) - Oil fell for a second day on Wednesday as concerns over global economic headwinds deepened, erasing the price gains booked after top crude exporter Saudi Arabia's surprise weekend pledge to deepen output cuts.

Brent crude futures were down 56 cents, or 0.7%, at $75.73 a barrel at 0705 GMT. The U.S. West Texas Intermediate crude futures fell 52 cents, also 0.7%, to $71.22 a barrel.

Both benchmarks jumped more than $1 on Monday after Saudi Arabia's decision over the weekend to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July.