Opec committee proposes nine more months of oil-cuts

Brent crude fell 60 cents to settle at $51.81 a barrel, while U.S. West Texas Intermediate crude slipped 61 cents to settle at $50.18 a barrel.

KUWAIT: The Organisation of Petroleum Exporting Countries (Opec) and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.

The joint ministerial monitoring committee – composed of six Opec and non-Opec nations – agreed in Vienna yesterday to support an extension through March 2018, according to a statement on the producer group’s website.