Russia and OPEC agree to extend oil output cuts until end-2018

The Organisation for Petroleum Exporting Countries and the Russian Federation have agreed on the broad outlines of a deal to extend their crude oil supply cuts until the end of 2018.

According to Bloomberg News, who cited people involved in the conversations, the details of the deal were still being hammered out, but a broad understanding had been reached ahead of a meeting of the cartel's member countries and several other of the world's main producers.

An understanding had also been reached that an announcement should be made at that OPEC meeting, scheduled for 30 November.

However, Russia wanted the new commitment to include language linking the quantum of the curbs to the health of the oil market.

Despite the report, as of 1531 GMT front month Brent crude oil futures were slipping 0.13% to $63.47 a barrel on the ICE.