LONDON—Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown.
Brent crude futures edged up 29 cents to $76.94 a barrel by 0838 GMT after a 0.5 percent gain the previous day.
U.S. West Texas Intermediate crude firmed by 37 cents to $72.16 after rising by 2.9 percent in post-holiday trade on Wednesday to catch up with Brent’s gains earlier in the week.
On the supply side, top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5 percent of global oil output….