mcxgala.com news update

NEWS UPDATE
* OPEC, other producers extend production cut to March 2018
* Many had expected a longer and/or deeper supply cut
* Rising U.S. production undermines efforts to tighten market (Adds chart, comment, updates prices)
By Henning Gloystein
SINGAPORE, May 26 (Reuters) – Oil extended falls on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs.
At Thursday’s meeting in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year. oil plunged 5 percent following the announcement, and held its losses early on Friday.
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