Oil extended losses on Wednesday as concerns over global economic headwinds deepened, erasing the price gains booked after top crude exporter Saudi Arabia's surprise weekend pledge to deepen output cuts, APA reports citing Reuters.
Brent crude futures were down 40 cents, or 0.5%, at $75.89 a barrel at 0456 GMT. The U.S. West Texas Intermediate crude futures fell 35 cents, also 0.5%, to $71.39 a barrel.
Both benchmarks had jumped more than $1 on Monday, boosted by Saudi Arabia's decision over the weekend to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July.
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