Oil benchmark Brent edged lower on Wednesday as concern over a global economic slowdown overshadowed supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Brent crude was down 0.8%, trading at $75.61 a barrel. Meanwhile, US West Texas Intermediate crude traded up 1.3% at $70.71 a barrel. The supply cuts by Saudi Arabia and Russia were designed to push oil prices higher, but macroeconomic anxiety is pulling them down. Weak demand in China and Europe has led to a slump in global factory activity. Market focus is also on interest rates as central banks in the US and Europe are expected to increase rates to address inflation. Traders are awaiting minutes from a recent meeting of the US Federal Open Market Committee for further clues. Additionally, industry data on US crude and product inventories from the American Petroleum Institute and government data are expected to provide demand cues.
