Oil dips on oversupply concerns and stronger dollar - Reuters

Oil dips on oversupply concerns and stronger dollar - Reuters:

Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Brent crude was down 52 cents, or 1.3%, at $40.28 a barrel by 1340 GMT. West Texas Intermediate (WTI) crude fell 27 cents, or 0.7%, to $37.92.

A “slightly stronger U.S. dollar ... is weighing on crude prices. Also the prospect of higher production from Saudi Arabia, Kuwait, UAE and Oman in July is not helping prices,” said UBS analyst Giovanni Staunovo.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a grouping known as OPEC+, on Saturday agreed to extend record cuts of 9.7 million barrels per day (bpd) until the end of July.