Oil slips after Saudi-driven rally while equities edge higher
Oil prices are under pressure as the glow from Saudi Arabia’s supply cut fades and the reality of the sluggish demand backdrop sets in, says an expert. – AFP pic, June 7, 2023.
OIL prices slid yesterday 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 2% 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.
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