Oil slips despite OPEC cuts

Oil prices fell today to more than 3% after the Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to extend production cuts, but some members said they would not continue to reductions of more than a million barrels per day.

Brent crude futures fell $ 1.50, or 3.6%, to $ 40.80 a barrel. US West Texas Intermediate crude futures fell $ 1.36, or 3.4%, to $ 38.19 a barrel.

Saudi Energy Minister Prince Abdulaziz bin Salman said today that Saudi Arabia and its Gulf allies Kuwait and the UAE will not continue additional reductions of 1.18 million barrels per day despite the OPEC agreement to continue to reduce production until July.