LONDON—Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook.
Brent crude futures were up 85 cents, or 1.1 percent, to $75.50 a barrel at 0950 GMT. U.S. West Texas Intermediate crude was at $70.61 a barrel, up 82 cents, or 1.2 percent.
On Monday, Saudi Arabia said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August, while Russia and Algeria volunteered to lower their output and export levels for August by 500,000 bpd and 20,000 bpd respectively.
If fully implemented, that would lead to a combined reduction of 5.36 million bpd versus August 2022 levels—possibly even more as several countries in the OPEC+ producer group are unable to fulfil their output quotas, said PVM analyst Tamas Varga….