The prices of oil futures declined on Wednesday following a string of composite PMI data that showed that the pace of growth in the private sector decelerated. The latest digits seemingly rekindled fears of a gloomy economic outlook, hurting the demand for crude.
Meanwhile, the United Arab Emirates shared it won't be joining additional oil production cuts at the moment, as it sees Saudi Arabia and Russia's slashes as sufficient to bring the crude market into balance.
West Texas Intermediate (WTI) for settlements in August fell 1.12%, to go for $70.59 per barrel at 4:35 am ET. Brent for deliveries in September decreased by 1.14%, selling at $75.46 per barrel a minute later.
