Oil prices fell on Wednesday, erasing the previous session's gains amid fears of a global economic slowdown curbing fuel demand overshadowed by expectations of further supply cuts due to production cuts announced by Saudi Arabia and Russia for August.
Brent crude fell 14 cents, or 0.2 percent, to $76.11 a barrel after rising $1.60 on Tuesday.
U.S. West Texas Intermediate crude futures were at $71.14 a barrel, up $1.35, or 1.9%, from Monday's close, as Tuesday was a U.S. holiday. Oil prices came under pressure again on lingering concerns about a slowing global economy and interest rate hikes in the United States and Europe.
Source (Al-Arabiya.net Website, Edited)
