LONDON—Oil fell on Wednesday, as Saudi Arabia’s announcement to continue crude output cuts to the end of 2023 was offset by demand fears stemming from macroeconomic headwinds.
Brent crude oil futures were down 58 cents, or 0.64 percent, to $90.34 a barrel at 0841 GMT, while U.S. West Texas Intermediate crude (WTI) fell 66 cents, or 0.74 percent, to $88.57 per barrel.