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.

U.S. economic activity has declined and higher tariff rates have put upward pressure on costs and prices in the weeks since Federal Reserve policymakers last met to set interest rates, the U.S. central bank said on Wednesday in its latest snapshot of the nation’s economy.

Japanese real wages fell for a fourth consecutive month in April, eroded by stubborn inflation that has continued to outpace pay hikes delivered so far by companies, government data showed on Thursday.

The outlook for Asian economies improved marginally after the U.S. and China toned down their respective trade tariffs, although growth is still expected to slow amid slower exports and manufacturing investment, UBS analysts said. 

Euro zone business activity barely expanded in May as the dominant services industry contracted for the first time since November, weighed down by falling demand that has plagued the bloc for a year, a survey showed on Wednesday.

An error in car tax data provided by the British government caused the consumer price inflation rate to be overstated by 0.1 percentage points for the year to April, the Office for National Statistics (ONS) said on Thursday.