Markets React to OPEC Production Cuts

European stocks fell as investors pulled back from multi-year highs after yesterday's OPEC agreement on production limits and kept a stern eye on political developments in the United States.
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European stocks fell as investors pulled back from multi-year highs after yesterday's OPEC agreement on production limits and kept a stern eye on political developments in the United States in the final day of the trading week.

Global oil prices, however, are starting to edge higher in European trading after extended declines overnight after OPEC's decision yesterday in Vienna to extend an agreement among members and some non-member countries, including Russia, that removes 1.8 million barrels of oil from the market each day for a further 9 months.

WTI futures for July delivery were marked 0.54% higher at $49.1 by 09:15 BST while Brent contracts for the same month, the global benchmark, were seen 0.454% lower at $51.74

This article was written by a staff member of TheStreet.