Oil prices edge lower on Wednesday

Oil prices fell on Wednesday morning. Brent crude shed 13 cents, or 0.3%, to $42.95 a barrel, while US crude futures dropped 10 cents, or 0.3%, to $40.52 a barrel.

Last month, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that Gulf OPEC members were not planning to extend voluntary cuts in oil output into July as they were for June only.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th ministerial meeting, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day in May and June.