Crude settles nearly 5% lower as OPEC deal fails to match expectations

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    • Crude settles nearly 5% lower as OPEC deal fails to match expectations

      Crude futures settled below $50, tumbling nearly 5%, after the Organization of Petroleum Exporting Countries (OPEC) and its allies’ decision to extend production cuts for nine more months, failed to meet traders’ expectations that the cartel group would announce deeper cuts.

      On the New York Mercantile Exchange
      crude futures for June delivery lost 4.7% to settle at $48.90 a barrel, while on London's Intercontinental Exchange, Brent lost $4.1% cents to trade at $51.35 a barrel.

      OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March on Thursday, after the output cuts agreed in November last year failed to rein in the glut in supply, which has pressured oil prices for nearly three years.

      News extracted from : investing.com


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