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Oil prices fall as Opec extends output cuts by 9 months to drain glut

Global oil glut has depressed markets for almost three years

Reuters  |  London 

Oil prices fell on Thursday as ministers of the Organisation of the Petroleum Countries (Opec) agreed to extend the oil production cuts by nine months in an attempt to drain a global glut that has depressed markets for almost three years. An 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 11:00 GMT. US light crude was 90 cents lower at $50.46. Both ...

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First Published: Thu, May 25 2017. 17:51 IST