Oil prices were muted in Asian trade on Wednesday as fears of slowing economic growth offset any optimism over more supply cuts by the OPEC, while mixed U.S. inventory data for the week of Memorial Day also dented sentiment. While oil prices had marked strong gains at the beginning of the week after Saudi Arabia pledged more production cuts, they later reversed all gains following a string of weak economic readings. OPEC members apart from Saudi Arabia, particularly Russia, also appeared to be keeping production steady. Still, the U.S. Energy Information Administration (EIA) said that oil markets will tighten in the ... (full story)