Oil prices fall after OPEC+ agrees to deepen voluntary oil output cuts

Oil prices fell on Thursday after rising more than 1 per cent earlier in the session after Opec+ oil producers agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year, with each country announcing separately its voluntary cut.

Brent crude futures for January fell 50 cents, or 0.6 per cent, to $82.60 a barrel by 11:30 am. EDT (1630GMT). The front-month Brent contract, down about 6 per cent on the month, expires later on Thursday.

The more liquid February contract was down $2.54, or 3.1 per cent, at $80.34.