Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced that they would extend and deepen production cuts into August.
Brent crude fell 46 cents to $75.79 a barrel. US West Texas Intermediate crude futures rose to $70.86 a barrel.
The market is waiting for the minutes of the FOMC meeting on June 13–14 to get more clues about the US central bank’s outlook.
Production cuts announced by Saudi Arabia and Russia raised oil prices briefly amid concerns about weak demand and further interest rate increases.
Earlier, Saudi Arabia, the largest exporter of crude in the world, said that it would extend the voluntary production cut of one million barrels per day until August, while Russia and Algeria volunteered to reduce their production and export levels in August.
