Oil prices ease as economic fears overshadow Saudi output cut

Brent futures fell 42 cents, or 0.6%, to settle at US$76.29 a barrel, while US West Texas Intermediate crude fell 41 cents, or 0.6%, to settle at US$71.74.

NEW YORK: Oil prices eased about 1% on Tuesday as worries that sluggish global economic growth could reduce energy demand outweighed Saudi Arabia's pledge to deepen output cuts.

Brent futures fell 42 cents, or 0.6%, to settle at US$76.29 a barrel, while US West Texas Intermediate (WTI) crude fell 41 cents, or 0.6%, to settle at US$71.74.