Oil prices eased on Wednesday, paring the previous day’s gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August.
Brent crude was down 14 cents, or 0.2%, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures were at $71.14 a barrel, up $1.35, or 1.9%, from Monday’s close, having traded through a U.S. holiday to mark Independence Day without a settlement.
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