Oil prices fell over $1 a barrel on Tuesday, erasing gains made in the previous session, as concerns over global economic growth overshadowed Saudi Arabia's commitment to deepen output cuts.
Brent crude futures dropped 1.73% to $75.38 a barrel, while US West Texas Intermediate crude fell 1.93% to $70.76 a barrel.
The market is focusing on demand risks, with fears of a US recession mounting after the services sector barely grew in May. German industrial orders also fell unexpectedly in April, adding to the bearish mood. Meanwhile, investors are waiting to see if the US Federal Reserve will hike or hold interest rates in June.
