Oil Edges Lower; Prices Stabilize After Saudi Production Cut

0151 GMT — Crude oil prices slip in early Asian trade. Prices have likely stabilized after traders digested recent news of further voluntary production cuts by Saudi Arabia, says DailyFX.com strategist Daniel McCarthy in a note. “For crude oil, the lack of follow-through from the OPEC+ production cut announced over the weekend may reveal the underlying weakness in global demand,” he adds. The front-month contract for WTI futures falls 0.2% to $72.41/bbl, while the front-month Brent crude contract is also down 0.2% at $76.80/bbl. (yiwei.wong@wsj.com)