Oil prices fall as economic fears overshadow Saudi output cut

News Snapshot:

Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about the global economic growth outweighed Saudi Arabia’s pledge to deepen output cuts. Brent crude futures were down $1.33, or 1.73 per cent, to $75.38 a barrel by 0923 GMT. U.S. West Texas Intermediate crude fell $1.39, or 1.93 per cent, to $70.76 a barrel. Brent had gained as much as $2.60/bbl on Monday and WTI as much as $3.30 after Saudi Arabia, the world’s top exporter, said at the weekend its output would drop by 1 million barrels per...