Singapore — Oil extended falls on Friday after tumbling in the previous session when oil cartel Opec and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. At Thursday’s meeting in Vienna, Opec and some non-Opec producers agreed to extend a pledge to cut about 1.8-million barrels a day until the end of the first quarter of 2018. The initial agreement would have expired in June 2017. Crude oil plunged 5% following the announcement, and held its losses early on Friday. Brent crude futures were at $51.26 a barrel at 5am GMT, down 20c, or 0.4%, from their last close. US West Texas Intermediate (WTI) crude futures were back below $50, at $48.61, down 29c, or 0.6%. "With Russia and Saudi announcing nine months [of extended cuts] a week before, this was already priced in, so the market wanted the ‘over-and-above’, which didn’t come — hence the sell-off," said Virendra Chauhan, oil analyst at Energy Aspects in Singapore, referring to a...
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