Brent crude oil prices steady as economic fears offset supply cuts

LONDON (Reuters) – Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia.

The Brent benchmark was down 12 cents, or 0.2%, at $76.13 a barrel by 1205 GMT after falling more than $1 in early trade and then briefly turning positive. The benchmark closed with a $1.60 gain on Tuesday.

U.S. West Texas Intermediate crude traded at $71.26, up $1.47, or 2.1%, from Monday’s close.

Given there was no settlement on Tuesday because of the Independence Day holiday, trade on Wednesday appeared to narrow the spread between the benchmarks, with WTI catching up with Brent’s gains the previous day.