LONDON—Oil benchmark Brent edged lower on Wednesday as concern over a global economic slowdown overshadowed supply cuts announced this week by top crude exporters Saudi Arabia and Russia.
Brent crude was down 16 cents, or 0.2 percent, at $76.09 a barrel by 1045 GMT after falling more than $1 earlier in the session. The benchmark closed with a $1.60 gain on Tuesday.
U.S. West Texas Intermediate crude traded at $71.22, up $1.43, or 2.05 percent, from Monday’s close.
Given there was no settlement on Tuesday because of the Independence Day holiday, trade on Wednesday appeared to narrow the spread between the benchmarks, with WTI catching up with Brent’s gains the previous day….