The global oil benchmark fell Wednesday, giving back a chunk of the previous session's gain after a weak reading on service-sector activity in China.
The global oil benchmark price fell Wednesday, giving back a chunk of the previous session’s gain, after a weak reading on service-sector activity in China, one of the world’s largest consumers of crude.Price actionMarket drivers Survey results released... The global oil benchmark price fell Wednesday, giving back a chunk of the previous session’s gain, after a weak reading on service-sector activity in China, one of the world’s largest consumers of crude.
Saudi Arabia announced Monday it would extend a July production cut of 1 million barrels a day through August, while Russia said it would cut exports by 500,000 barrels a day. Crude failed to hold gains following the announcements, however, with weakness tied to concerns over the strength of the global economy and doubts about Russia’s willingness to follow through on the pledge. Brent bounced back Tuesday.
“Meanwhile, a breakout move higher remains elusive for oil despite confirmation this week of supply cuts from Saudi Arabia and Russia, with demand concerns continuing to act as a price constraint,” said Tim Waterer, chief market analyst at KCM Trade, in a note.
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