London — Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an Opec-led production cut would be extended beyond June in an effort to counter a glut of crude. On Sunday, a committee of ministers from oil cartel Opec and outside producers agreed 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 19 US cents at $50.61 by 8.57am GMT, after falling as low as $50.26. US crude was down 31c at $47.66. "These are troubling times for oil bulls," said Stephen Brennock of oil broker PVM. "Against a backdrop of rising US crude output and Opec-led efforts to normalise bulging global oil inventories, positives are in short supply." A number of ministers from Opec and other producers met in Kuwait to review the progress of their supply cut, which initially runs until the end of June. Opec and 11 other producers — including Russi...
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