Oil Sinks After Saudi-driven Rally; Equities Flag

Sumaira FH Published June 06, 2023 | 05:00 PM

London, June 6 (UrduPoint / Pakistan Point News - 6th Jun, 2023 ) :Oil prices sank Tuesday as dealers mulled the weak demand outlook after having rallied the previous day on output cuts from key crude producer Saudi Arabia.

Europe's Brent oil contract and US counterpart WTI crude fell more than two percent, one day after bouncing on news that Riyadh slashed daily output by one million barrels for July in a bid to prop up prices.

The announcement came at a weekend meeting of the 23-nation OPEC+ oil producers' alliance, which also agreed to continue its current production cuts until the end of next year.

- Key figures around 1100 GMT - Brent North Sea crude: DOWN 2.2 percent at $75.

06 per barrel West Texas Intermediate: DOWN 2.1 percent at $70.63 per barrel London - FTSE 100: DOWN 0.3 percent at 7,575.21 points Frankfurt - DAX: DOWN 0.2 percent at 15,925.99 Paris - CAC 40: DOWN 0.3 percent at 7,178.58 EURO STOXX 50: DOWN 0.4 percent at 4,277.02 Tokyo - Nikkei 225: UP 0.9 percent at 32,506.78 (close) Hong Kong - Hang Seng Index: DOWN 0.1 percent at 19,099.28 (close) Shanghai - Composite: DOWN 1.2 percent at 3,195.34 (close) New York - Dow: DOWN 0.6 at 33,562.86 (close) Euro/dollar: DOWN at $1.0696 from $1.0713 on Monday Dollar/yen: DOWN at 139.40 Yen from 139.58 yenPound/dollar: DOWN at $1.2415 from $1.2438Euro/pound: UP at 86.17 pence from 86.13 pence