Oil prices fall as global economic concerns outweigh Saudi production cuts (June 6)

June 6, according to foreign media news, oil prices fell slightly in early Asian trading on Tuesday, giving up the previous day’s gains, as concerns about the global economic background outweighed supply concerns caused by Saudi Arabia’s announcement of the largest production cut in years. The voluntary cuts, the biggest by Saudi Arabia in years, are part of a broader agreement between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supply until 2024 as OPEC hopes to Boost to falling oil prices. “Supply concerns came into focus following OPEC’s announcement of production cuts. However, gains were limited by ongoing concerns about the economic backdrop,” ANZ analysts said in a research note.