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Oil Falls Below $51 On OPEC Output-Cut Extension

Oil prices tumbled below 51 dollars per barrel on Thursday after the Organisation of Petroleum and Exporting Countries agreed to extend production cuts by nine months into March 2018.

At the OPEC meeting in Vienna, the oil producers decided to prolong the current deal which was slated to end at the end of June.

Both U.S. Crude Oil and Brent were trading near one-month highs ahead of the OPEC meeting, but moved sharply lower when Saudi Arabia’s oil Minister, Khalid Al-Falih ruled out deeper cuts to oil production in any extension to the OPEC output deal.

Rejoice Ewodage

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Rejoice Ewodage

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