By Amanda Cooper
LONDON (Reuters) - Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.
An OPEC delegate said the organisation had agreed a tentative deal to cut oil output but had not yet come up with a final figure.
Expectations had been for a joint cut of between 1 and 1.4 million barrels per day (bpd). Falih said before the meeting that the "OPEC+" group would be happy with a cut of just 1 million bpd.
Brent crude futures were down $2.07 on the day to $59.49 a barrel by 1532 GMT, having hit a session low of $58.36, while U.S. futures fell $1.38 to $51.51 a barrel.
The two have lost 30 percent in value this quarter alone.
"Countries participating in the agreement will have to cut their combined output by at least 1 million bpd from the October 2018 level in order to have a meaningful bullish effect on oil prices."
Led by Saudi Arabia, OPEC's crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million bpd.
European equities hit their lowest in two years and commodity-sensitive currencies such as the Russian rouble fell sharply, in part because of the slide in the oil price, but also with the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States
The arrest of Huawei's chief financial officer Meng Wanzhouof, who is also the daughter of the firm's founder, triggered renewed fireworks just as Washington and Beijing prepare for crucial trade negotiations.
Barclays said in its Global Outlook published on Thursday that "investors need to lower their expectations" and that "2019 should be a period of lower returns and higher volatility".
Barclays said it expected "the global economy to slow over the next several quarters" although it added that "not one major economy is near recession."
(Additional reporting by Christopher Johnson in LONDON and Henning Gloystein in SINGAPORE; Editing by Kirsten Donovan)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)