Oil price slides to $77.25 a barrel despite pledges of output cuts

Crude oil fell more than $1 a barrel on the back of scepticism about an Opec+ decision to boost supply later this year

Some market watchers had expected Opec+ to extend cuts through to the end of the year, and reaction to Sunday’s deal was mixed. 

Crude oil prices fell more than $1 on scepticism about an Opec+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.

Extending losses from a four-month low in the previous session, Brent crude futures were down at $77.25 a barrel and below the $80 price for the first time since February 7 after falling more than 3%.