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 U.S. West Texas Intermediat
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 had gained as much as $2.6 on Monday and U.S. 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 to 9 million bpd in July. Market participants are now waiting to see if the U.S. Federal Reserve will hike or hold interest rates in June for more trading cues. Higher rates could curb energy demand.
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