© Reuters
Investing.com– Oil prices fell slightly in Asian trade on Tuesday after rebounding sharply over the past three sessions, as anticipation of more Federal Reserve cues and speculation over production cuts by major suppliers kept sentiment muted.
Crude prices had surged a cumulative $5 a barrel in the past three sessions after tumbling to four month lows in the prior week. Pressure on prices came chiefly from a string of weak economic readings from across the globe, which raised concerns over slowing demand.
But the losses in oil prices drove speculation that the Organization of Petroleum Exporting Countries will trim production further when it . Media reports also suggested that certain members of the producer group- specifically Russia and Saudi Arabia- were considering extending their current supply curbs into 2024.
Analysts said that any more production cuts by the two will likely tighten supply and support prices going into 2024. Saudi and Russian production cuts earlier this year were a major point of support for oil prices, helping them weather headwinds from weak economic signals.
fell 0.2% to $82.13 a barrel, while fell 0.1% to $77.77 a barrel…
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