Oil weakened after rallying more than two per cent Tuesday on Saudi Arabian and Russian production cuts.
Global benchmark Brent dropped back below US$76 a barrel following the gain in the previous low-volume session amid a U.S. holiday. The two OPEC+ linchpins announced their latest batch of curbs on Monday, with a supply-cut extension by Riyadh and a fresh pledge to reduce production from Moscow.
Morgan Stanley cut its fourth-quarter forecast for Brent to US$70 a barrel from US$75 in a note published after the latest curbs were made public.
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