Oil prices fluctuate amidst global economic concerns and supply cuts.
TL;DR Summary
Oil prices fell over $1 a barrel on Tuesday due to concerns about global economic growth, outweighing Saudi Arabia's pledge to deepen output cuts. Brent crude futures were down 1.96% to $75.21 a barrel, while U.S. West Texas Intermediate crude fell 2.04% to $70.68 a barrel. Weaker demand, stronger non-OPEC supply, potential recessions in the U.S. and Europe, and lower growth in China means Saudi's cut is unlikely to underpin a "sustainable price increase" into the high $80s-low $90s.
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