Oil futures fall sharply early Tuesday, pressured by worries over the global economic outlook.
Oil futures fell Tuesday, more than erasing the jump that followed Saudi Arabia’s weekend announcement of a 1 million-barrel-a-day July output cut, as traders fretted over the global economic outlook.
Price action Market drivers Crude prices surged at the open Sunday evening after Saudi Arabia announced it would voluntarily cut production by an additional 1 million barrels a day in July, with the potential to extend the cut. The announcement came as the OPEC+ — the Organization of the Petroleum Exporting Countries and its Russia-led allies — concluded a meeting that saw the group extend existing production cuts through the end of 2024.
Read: Saudi Arabia’s planned oil cut could lead to ‘cracks’ within OPEC+ — but not a spike in gasoline prices
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