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    Oil Price Drops Below $51 After OPEC Agrees Modest Output Cuts – Market Data

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    Following the meeting of OPEC and non-OPEC oil exporting states in Vienna, the price of Brent crude oil has dropped below $51 per barrel for the first time since May 15.

    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.

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    falling oil prices, oil price, Brent
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