WASHINGTON (dpa-AFX) - Crude oil prices fell Thursday, even after the Organization of the Petroleum Exporting Countries and Russia agreed to extend their oil production-cut agreement to the end of 2018.
Markets downplayed the news amid speculation that certain OPEC members will renege on promised supply cuts.
Libya and Nigeria will cap oil output at 2017 levels, Saudi Arabia's al-Falih oil minister said.
The next OPEC ministerial meeting is set for June 2018, according to Russian Oil Minister Alexander Novak.
Jan. WTI oil settled at $57.40/bbl on Nymex, up 10 cents, or less than 0.2%.
Yesterday, the Energy Information Administration reported a second consecutive weekly decline in U.S. oil inventories.
Also in North America this week, TransCanada re-started its Keystone pipeline following a recent spill in South Dakote.
Copyright RTT News/dpa-AFX