Oil prices fall as OPEC's production cuts disappoint market

Brent Crude fell 0.8% to $53.51 a barrel

OPEC's failure to deepen production cuts at the latest meeting has caused a fall in oil prices, as oil bulls were hoping for either a deeper or longer extension of the current agreement.

Delegates from the Organisation of Petroleum Exporting Countries (OPEC) said the cartel had reached an agreement to extend their production cuts by nine months until March 2018 in an attempt to end the global glut at the 172nd meeting in Vienna, according to Reuters.  Despite the extension of the agreement reached back in November last year to cut production by 1.2m barrels per day, the price of Brent Crude fell 0.8% to $53.51 a barrel by early afternoon, while West Texas Intermediate fell 1% to $50.85 a barrel, according to Bloomberg. Oil price surge pushes FTSE 100 to record high ...