Vladimir Putin

Oil prices reverse

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Still no confirmation on a rumoured plan by OPEC and its allies to extend oil production cuts by nine months and oil prices are now falling.

Brent crude is down 0.36% at $64.51 and West Texas Intermediate has fallen to $58.42.

At the weekend, Russian President Vladimir Putin said he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day by six to nine months.

Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed.

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