Oil prices ease on dim economic outlook despite signs of firmer demand

Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.

Brent crude futures for July delivery were trading down 11 cents, or 0.3 per cent, at $34.54 per barrel at 0031 GMT, the Reuters reported.

US West Texas Intermediate (WTI) crude futures for July were down 13 cents, or 0.4 per cent, at $31.83 a barrel. The July contract became the front month after WTI futures for June expired on Tuesday, avoiding the chaos of last month's May expiry when prices slid