FOX LIVE NEWS UPDATE

UPDATE 1-Oil prices inch up on Saudi output cut, but slowing economic growth drags

Aug 14 (Reuters) – Oil prices rose on Tuesday after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply.

Front-month Brent crude oil futures LCOc1 were at $72.81 per barrel at 0515 GMT, up 20 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 25 cents, or 0.4 percent, at $67.45 per barrel.

In July, Saudi Arabia told the producer group of the Organization of the Petroleum Exporting Countries (OPEC) that it had cut production by 200,000 barrels per day (bpd) to 10.288 million bpd.

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