Key Points
Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT...
Oil prices edged lower on Tuesday, giving up most of the prior sessions gains that followed an announcement by the worlds top exporter, Saudi Arabia, that it would further cut output..
The voluntary cut, Saudi Arabias biggest in years, is on top of a broader deal by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supply into 2024 as OPEC+ seeks to boost flagging oil prices...
The OPEC+ pumps around 40% of the worlds crude.However, many of these reductions announced after the OPEC meeting in Vienna on Sunday may not have a real impact as the group lowered the targets for Russia, Nigeria, and Angola to bring them into line with actual current production levels...
European Central Bank President Christine Lagarde on Monday acknowledged signs of moderation in core inflation in the euro zone but reaffirmed it was too early to call a peak in that key gauge of price growth, increasing expectations for more interest rate increases from the ECB this month and the next..
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