TOKYOSINGAPORE, July 5 Reuters Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment.

Brent was down 46 cents, or 0.6, at 75.79 a barrel by 0704 GMT, after climbing 1.60 on Tuesday.

U.S. West Texas Intermediate WTI crude futures were at 70.86 a barrel, up 1.07, or 1.5, from Monday39;s close, having traded through a U.S. holiday to mark Independence Day without a settlement.

Oil prices came under pressure again due to lingering worries over a slowdown in the global economy and further hikes of interest rates in the United States and Europe, said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting.

The market will likely continue to move back and forth for some time, focusing on economic indicators in China and monetary policy by central banks, he said, predicting Brent would trade around 75 a barrel.

A private sector survey on Wednesday showed China39;s services activity expanded at the slowest pace in five months in June, as weakening demand weighed on the postpandemic recovery momentum.

The market is also awaiting minutes from the June 1314 meeting of the Federal Open Market Committee FOMC later on Wednesday for further clues on the U.S. central bank39;s outlook.

Production cuts announced by Saudi Arabia and Russia on Monday only briefly lifted the market,…