Oil falls over $2 on demand fears, Saudi confirms cuts to year-end

Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds.

Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel.