Oil Slips Below $77, Weighed Down By Saudi Output Boost, Trade Tensions

Brent crude slipped below $77/bbl  on July 6, under pressure from higher Saudi production and trade tensions between the U.S. and China, despite support from oil supply disruptions.

Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day (bbl/d) last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

Brent crude, the global benchmark, was down 76 cents at $76.63/bbl  by 1313 GMT. WTI slipped 65 cents to $72.29.