Oil prices fell again on Tuesday as fresh concerns over the global economy offset the impact of production cuts from Saudi Arabia.
In the European session, Brent crude oil futures traded lower at $75 a barrel, while US WTI oil traded at around $70 a barrel.
Earlier, both oil trades posted gains with a surge after Saudi Arabia announced it was voluntarily cutting production at the OPEC meeting.
With a reduction of 1 million barrels per day, production by the world's largest oil producer will fall to 9 million barrels per day in July.
However, the gains recorded in oil prices were reduced again following investors' concerns about the uncertain global economic outlook.
Data on Monday showed that US services sector activity barely grew in May, after the strong growth seen over the past few months.
Markets are now awaiting the release of US inflation data and the FOMC policy meeting scheduled to take place next week.
