Oil plunges 5 percent on disappointment with OPEC cuts

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Oil prices tumbled 5 percent on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March. At Thursday’s meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend supply cuts of 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. Brent crude oil (LCOc1) settled down $2.50, or 4.6 percent at $51.46 a barrel.

May 26, 2017 at 01:33AM

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