Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec – Reuters

Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec – Reuters

NEW YORK, June 8 (Reuters) - Concern about the global economy dampened the oil market's reaction to Saudi Arabia's pledge to cut supplies and has capped prices this year, a Chevron (CVX.N) executive told Reuters on Thursday.

Benchmark Brent crude prices were just below $76 a barrel on Thursday, little changed from where they were before Saudi Arabia announced on Sunday it would cut 1 million barrels per day from supply in July and possibly beyond.

"You've got this macroeconomic sentiment, this general malaise, that says: well, the economy is slowing down," Colin Parfitt, Chevron's vice president of midstream, told Reuters on the sidelines of an energy conference.