Singapore — Crude prices were on the defensive on Friday after an agreement by oil cartel Opec to extend existing supply curbs disappointed investors wagering on larger cuts, prompting a move away from riskier assets and depressing Asian stocks. Sterling continued its decline after a poll showing British Prime Minister Theresa May’s lead narrowing less than two weeks before the election came on the heels of disappointing economic data on Thursday. Opec and some non-Opec producers agreed at a meeting in Vienna on Thursday to extend supply cuts of 1.8-million barrels a day until the end of the first quarter of 2018. While Opec’s move had been expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of oil. Talk around extending the cuts had driven crude futures higher in recent days, with the confirmation prompting profit-taking. "This seems like a clear case of buy the rumour, sell the fact, which was touted to be the reactio...
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