Oil prices fall despite output cuts

By Agence France-Presse

Jul 05, 2023 12:31 am

NEW YORK CITY: Oil prices reversed into the red on Monday on global growth concerns despite fresh output cuts by key producers Saudi Arabia and Russia aimed at propping up prices.

Although Asian stock markets advanced as easing inflation data fueled hopes that central banks could be nearing the end of their interest rate hiking cycle, European stocks ended mostly lower.

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