Brent crude oil prices fell on Tuesday to its lowest level in over five months, erasing all of the gains since Opec agreed to cut production at the end of November, after breaking through a key technical support level. The market was already trading lower prior to the technical selloff on reports of rising output in the United States, Canada and Libya and declining compliance by members of the Organization of the Petroleum Exporting Countries with the deal to cut output during the first half of this year. Brent futures fell $1.06, or 2.1 per cent, to settle at $50.46 a barrel, ...
Brent crude falls to 5-month low, erases gains since Opec agreed to cuts
Opec's compliance with the output cuts fell to 90% in April from a revised 92% in March