Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output.
Brent crude futures were down 23 cents, or 0.3 per cent, at $76.48 a barrel at 0020 GMT. The US West Texas Intermediate crude eased 25 cents, or 0.4 per cent, to $71.90 a barrel.
Brent had gained as much as $2.6 on Monday and US crude had risen as much as $3.3 in the hours after Saudi Arabia said its output would drop by 1 million barrels per day (bpd) to 9 million bpd in July.
