Crude falls lower...




Crude oil prices settled sharply lower on Tuesday, as fears that a weaker global economic backdrop would keep a lid on oil demand offset an agreement by OPEC and its allies to extend their oil-production pact by a further nine months.
On the New York Mercantile Exchange crude futures fell 4.8% to settle at $56.25 a barrel, while on London's Intercontinental Exchange, Brent slumped 4.1% to $62.40 a barrel.
OPEC and its allies, including Russia, agreed on Tuesday to extend oil supply cuts until March 2020 in a bid to curb supplies and support oil prices.
The extension, however, was widely expected and does little to avert the threat of a supply surplus, with analysts at ING insisting that “the agreement for this extension was the bare minimum and it's not enough. We need a deeper cut in order to lift prices.”   Daily Thoughts @ https://www.quora.com/profile/Erica-Villalon-3

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