IF the Saudis and Russians thought they could surprise the market into a rise by extending the Organisation of the Petroleum Exporting Countries (Opec)/non-Opec production cut agreement by nine months instead of the originally planned six, they have been sorely disappointed.
Oil prices tumbled soon after the announcement. Brent came off by nearly 5% and has stayed in a narrow US$50-US$52 per barrel range since.
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