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REUTERS
Oil prices fell on Thursday as Opec ministers met to decide how long to extend oil production cuts in an attempt to drain a global glut that has depressed markets for almost three years. One Opec delegate at the meeting in Vienna said the group of 14 oil producers had agreed to extend cuts in production by nine months to March 2018. Brent crude oil dropped as much as $1.24 a barrel to a low of $52.72 before regaining some ground to trade 80 cents lower at $53.16 by 11:00am GMT. US light crude was 90 cents lower at $50.46.
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REUTERS
Oil prices fell on Thursday as Opec ministers met to decide how long to extend oil production cuts in an attempt to drain a global glut that has depressed markets for almost three years. One Opec delegate at the meeting in Vienna said the group of 14 oil producers had agreed to extend cuts in production by nine months to March 2018. Brent crude oil dropped as much as $1.24 a barrel to a low of $52.72 before regaining some ground to trade 80 cents lower at $53.16 by 11:00am GMT. US light crude was 90 cents lower at $50.46.
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