Globally, Oil prices edged lower on Tuesday, giving up most of the prior session's gains that followed an announcement by the world's top exporter, Saudi Arabia, that it would further cut output.Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel. The U.S. West Texas Intermediate crude eased 25 cents, or 0.4%, to $71.90 a barrel.The voluntary cut, Saudi Arabia's biggest in years, is on top of a broader deal by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supply into 2024 as OPEC+ seeks to boost flagging oil prices. The OPEC+ pumps around 40% of the world's crude. Asian stock markets edged lower on Tuesday as economic data showed U.S. services sector unexpectedly softened, reinforcing expectations that the Federal Reserve may skip an interest rate hike when it meets next week. Data overnight showed that the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Federal Reserve's fight against inflation. n the currency market, the dollar index, which measures greenback against six major peers, eased 0.01%. The yen weakened 0.04% to 139.62 per dollar, while Sterling was last fetching $1.2436, off 0.01% on the day. Gold prices steadied on Tuesday after marking some gains in the prior session. Spot gold was flat at $1,961.16 an ounce, rising over 0.6% on Monday after the U.S. data. Indian Rupee is likely to recoup some losses from the previous session after the dollar index fell down.
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