Crude Oil falls as economic fears overshadow Saudi Arabia’s output cut

Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia’s pledge to deepen output cuts.

Brent crude futures were down $1.50, or 1.96%, to $75.21 a barrel by 1046 GMT. U.S. West Texas Intermediate crude fell $1.47, or 2.04%, to $70.68 a barrel.

Brent had gained as much as $2.60 per barrel on Monday and WTI as much as $3.30 after Saudi Arabia, the world’s top exporter, said at the weekend its output would drop by 1 million barrels per day (bpd) to 9 million bpd in July.