Global crude oil prices fall towards 50 dollars

Global crude oil prices fell further towards 50 dollars a barrel, today, on uncertainty over whether an OPEC-led output cut will be extended beyond June in an effort to counter a glut of crude.

A committee of ministers from OPEC and outside producers yesterday agreed to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place. So Brent crude oil futures fell 19 cents, to



50.61 dollars a barrel, after falling as low as 50.26 dollars a barrel.

U.S. crude lost 31 cents, to 47.66 dollars a barrel. Analysts said that against a backdrop of rising U.S. crude output and underwhelming OPEC-led efforts to normalize bulging global oil inventories, positives for oil are in short supply. Oil also came under pressure from further evidence that higher prices are helping boost supplies in the United States.