Crude Slumps Below $50 as Market Is Underwhelmed by OPEC Deal
- Nine-month extension will probably ‘do the trick’: Al-Falih
- Libya, Nigeria to remain exempt from production curbs
Saudi Energy Minister Says 9-Month Extension a 'Safe Bet'
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Oil fell below $50 after OPEC stuck to the most predictable outcome at a meeting in Vienna.
Futures closed 4.8 percent lower in New York as the Saudi Arabian-led group and its allies delivered only what had already been telegraphed for days: an agreement to extend output cuts for nine months, without deepening them or saying what will happen after March 2018.