Oil edged lower on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty weighing on prices as well.

Saudi Arabia lowered the July price of its Arab Light crude for Asian buyers after OPEC+ decided to accelerate output hikes.

Saudi Arabia, the world's biggest oil exporter, on Wednesday lowered its July prices for Asian buyers after OPEC+ hiked output for a fourth month although the price cut was smaller than expected.Saudi