Monday, 29 May 2017

Asia opens flat after OPEC extends output cut

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Stocks in Asia were mixed at the open on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.

The production cuts of 1.8 million barrels a day, first agreed on in November last year, will now extend to March 2018. The OPEC-led output cuts are targeted at re-balancing the global overhang in the oil markets which saw oil prices fall by more than half in recent years.

Oil prices fell by almost 5 percent in the last session following the news as some investors had been hoping for deeper production cuts. US crude had traded above the USD 50 mark for most of the week in anticipation of the OPEC meeting.

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