Crude oil prices ease after Opec+ agrees to relax output curbs next month

Oil retreated from its highest close in four months after the Opec+ alliance confirmed it would start tapering output cuts from next month.

Futures in New York dropped below $41 a barrel, though the more global Brent benchmark’s structure firmed on signs of tightness in physical markets. Saudi Arabia and Russia said the producer bloc would proceed with its plan to add more supply next month and were confident that it wouldn’t hurt oil’s rally, with the tapering to be offset by extra cuts from countries that didn’t meet their targets. Oil was also under pressure from a drop in equities in Europe and Asia. 

That was despite figures that showed China’s economy returned to growth and expanded more than forecast last quarter.