International oil prices reversed course and fell on Wednesday.
Reports that Saudi Arabia will increase output to expand market share propelled prices upward after three days of decline.
ADP’s report revealing a sharper slowdown than expected in U.S. private sector employment growth for May stoked fears of weakening demand, ultimately pushing prices lower.
Brent crude, the global oil benchmark, settled at 64.86 USD per barrel for August delivery, dropping 0.77 USD (1.17%) from the previous session.
West Texas Intermediate (WTI), the U.S. oil benchmark, saw its front-month July contract fall by 0.56 USD (0.88%) to close at 62.85 USD per barrel.
Both Brent and WTI experienced their first decline since May 30.
