Oil slips after Saudi-driven rally, equities edge higher

Published by
Al-Araby

Oil prices slid on Tuesday as dealers mulled the weak demand outlook after having rallied the previous day on output cuts from key crude producer Saudi Arabia. Europe’s Brent oil contract and US counterpart WTI crude fell more than two percent before trimming losses, one day after bouncing on news that Riyadh slashed daily output by one million barrels for July in a bid to prop up prices. The announcement came at a weekend meeting of the 23-nation OPEC+ oil producers’ alliance, which also agreed to continue its current production cuts until the end of next year. “Oil prices are under pressure …

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