Oil prices ease as worries over global economic slowdown weigh

Oil prices ease as worries over global economic slowdown weigh

TOKYO: Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August. Brent crude was down 14 cents, or 0.2%, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were at $71.14 a barrel, up $1.35, or 1.9%, from Monday's close, having traded through a U.S. holiday to mark Independence Day without a settlement. "Oil prices came under pressure again due to lingering worries over a slowdown in the global economy and further hikes of interest rates in the United States and Europe," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting. "The market will likely continue to move back and forth for some time, focusing on economic indicators in China and monetary policy by central banks," he said, predicting Brent would trade around $75 a barrel. Saudi Arabia, the world's biggest crude exporter, on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August, while Russia and Algeria volunteered to lower