Oil prices falls 4% on Opec output cuts

Opec's cuts helped push oil back above $50 a barrel this year, giving a fiscal boost to producers

Opec and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

Oil prices dropped more than 4 per cent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018.

Brent crude oil was down $2.07, about 4 per cent, at $51.80 a barrel at 11.50 IST, after hitting a low of $51.32. US West Texas intermediate