Oil prices have fallen in global markets despite producing countries agreement to extend output cuts

BAGHDAD - Oil prices on world markets fell about 5 percent despite oil producing countries agreement to extend production cuts for another nine months.

Energy Ministers from the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC members met in Vienna, agreeing to comply with production restrictions until March 2018.

The previous deal was slated to expire next month.

The deal was disappointing to investors who were expecting a longer extension.

Brent crude lost $ 2.60 to settle at $ 51.36 a barrel, while WTI fell $ 2.58 to $ 48.78 a barrel.

OPEC countries and 11 other oil-producing countries, including Russia, agreed to cut production in December in an effort to raise prices.

The cut was about 1.8 million barrels per day, or 2 percent of world oil production.

Source: National Iraqi News Agency