Oil prices dipped Tuesday as worries over the outlook for the U.S. economy offset a pledge by Saudi Arabia to cut more production that helped spur on a rally in the prior session.

By 05:14 ET, U.S. crude futures traded 2.16% lower at $70.59 a barrel, while the Brent contract slipped by 2.01% to $75.17 per barrel.

Saudi Arabia, the world’s top exporter, pledged over the weekend an additional reduction of around one million barrels per day from July compared with its production levels in May, in an attempt to boost slumping crude prices.

Investors were also focused on data showing that activity in the key U.S. services sector grew marginally in May, which analysts quoted by Reuters said had contributed to concerns over the broader health of the world’s largest oil consumer.

Meanwhile, the debate around the Fed’s interest rate path was also on traders’ minds. A rate hike by the central bank could weigh on oil demand.