MOSCOW (Sputnik) — The Brent crude oil has been trading below $51 per barrel price for the first time since May 15 after major oil producers agreed Thursday to extend moderate output cuts for nine months past June.
As of 3:30 GMT, July Brent futures, the benchmark for the global oil price, traded at as low as $50.89 per barrel, market data showed. West Texas Intermediate (WTI) July futures slipped by 0.9 percent to $48.46 per barrel.
The Organization of Petroleum Exporting Countries (OPEC) and 11 non-cartel producers agreed in Vienna on Thursday to extend output cuts of a combined 1.7 million barrels per day until April 2018.
Energy Minister Alexander Novak of Russia, which signed up to a 300,000 cut, told CNBC after the meeting deeper cuts would depend on the goals that participating countries set themselves. He said a joint ministerial monitoring committee would meet in Moscow in July to assess the progress.
