Oil eases as weaker demand outlook returns to focus
At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.
Brent crude fell 8 cents, or 0.1%, to $76.87 a barrel by 0810 GMT. U.S. West Texas Intermediate crude gained 8 cents, or 0.1%, to $72.61. "With the OPEC+ meeting out of the way, focus is now shifting towards the next move the Fed will make when it meets next week," said Tamas Varga of oil broker PVM. There is growing consensus that the central bank will skip a rate hike, which could lift oil prices even before falling supply starts draining global oil inventories, Varga added.
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