Oil prices edged lower early on Tuesday, coming off gains made the previous day as concerns about the global economic backdrop outweighed supply worries raised when Saudi Arabia announced its biggest output cut in years, APA reports citing Reuetrs.

Brent crude futures slipped 27 cents to $76.44 a barrel by 0411 GMT. The U.S. West Texas Intermediate crude fell 33 cents to $71.82 a barrel.

Brent had gained as much as $2.60 on Monday and U.S. crude 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 day (bpd) to 9 million bpd in July. The benchmarks pulled back, though, to more modest gains by the end of the day.

Source: Azeri-Press News Agency