Baku, Azerbaijan, May 25
OPEC announced it would extend cuts in oil output by nine months to March 2018 on May 25, CNBC reported.
The move, which was then ratified by non-OPEC producers, was the base-case scenario for the market and means the 1.8 million barrel per day supply cut will roll over until the first-quarter of 2018.
Oil prices extended earlier losses shortly after the announcement as traders reacted to the developments.
At around 16:35 London time, Brent was trading 3.02 percent lower at $52.36 a barrel with the US West Texas Intermediate (WTI) benchmark edging down by nearly the same amount to sit at $49.75 a barrel.
Brent and WTI futures prices have tracked 13 percent and 14 percent higher respectively since this month's lows were reached on May 4.