Oil steady as markets weigh supply cuts against weak economic data

Oil prices were stable on Tuesday as concerns over supply cuts from Saudi Arabia and Russia were weighed against weak crude demand. Brent crude futures rose slightly by 0.3% to $74.87 a barrel, while US West Texas Intermediate crude increased by 0.3% to $70.06. Saudi Arabia and Russia plan to extend their voluntary production cuts in August, resulting in a total reduction of 1.5% of global supply pledged by OPEC+ members. However, worries about oil demand remain due to a slump in global factory activity and sluggish demand in China and Europe.