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Oil falls towards $50 on doubts over duration of output cut

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude.A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.International benchmark Brent crude was down 70 cents at $50.10 by 1333 GMT, after falling as low as $50.06. U.S. crude was down 84 cents at $47.13."These are ...

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First Published: Mon, March 27 2017. 19:08 IST