Oil Falls $1 on Demand Fears, Saudi Confirms Cuts to Year-End

Oil pours out of a spout from the original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

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.