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.
West Texas Intermediate crude for July delivery fell $1.81, or 2.5%, to $70.34 a barrel on the New York Mercantile Exchange.
August Brent crude the global benchmark, was down $1.80, or 2.3%, at $74.91 a barrel on ICE Futures Europe.
Back on Nymex, July gasoline fell 0.7% to $2.507 a gallon, while July heating oil, was down 1.7% at $2.336 a gallon.
Juy natural gas dropped 1.2% to $2.217 per million British thermal units.
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.
Source: Marketwatch
