Oil prices were lower today on worries of sluggish economic growth hurting energy demand. This outweighed the production cuts announced by Saudi Arabia on Monday. The Kingdom also unexpectedly cut its selling price to Asian buyers again. However, the Saudi supply cut is unlikely to achieve a “sustainable price increase” into the high $80s and low $90s due to weaker demand, stronger non-OPEC supply, slower economic growth in China and potential recessions in the U.S. and Europe, Citi analysts said in a note. “Crude prices are heavy as global growth concerns continue to suggest a much weaker crude demand outlook,” said Edward Moya, senior market analyst at data and analytics firm OANDA. The US dollar was also stronger today hurting crude prices. WTI traded down $.41 or -.6% to close at $71.74. Brent traded down $.42 or -.6% to close at $76.29.