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Shafaq News / Oil prices fell early on Tuesday, giving up the gains they made the day before, as concerns about slowing global economic growth overshadowed supply concerns that were raised when Saudi Arabia announced the largest production cut in years.
Brent crude futures fell 27 cents to $76.44 a barrel by 04:11 GMT. US West Texas Intermediate crude fell 33 cents to $71.82 a barrel.
Brent gained $2.60 on Monday, and US crude gained $3.30 after Saudi Arabia, the world's largest exporter, said at the weekend that its production would drop one million barrels per day to nine million barrels per day in July.
Market participants are now waiting to see if the US Federal Reserve will raise or hold interest rates in June, and with the US not in a recession and Europe doing well, what China's trade data for May on Wednesday will indicate about demand in the second-largest consumer of oil in the world.
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