Oil prices fall as OPEC meets with independent producers

Oil prices fell in American trade after setting five-week highs earlier in the session, after OPEC officially agreed to extend productions cuts for nine more months, while continuing its meeting with some independent producers. 

As of 12:45 GMT, U.S. crude fell to $50.65 a barrel from the opening of $51.25, with an intraday high at $51.98, the highest since April 19, and a low at $50.07. 

Brent crude fell to $53.30 a barrel from the opening of $53.90, with the highest since April 19 at $54.64, and an intraday low at $52.72. 

US crude July futures closed down 0.4% yesterday, the first loss in six days, while Brent July futures shed 0.5% as U.S. oil production climbs. 

According to Reuters, OPEC's representatives said that the organization agreed to extend global output cuts for nine more months until March 2018, in an attempt to bring about market balance and trim down global inventories. 

Some independent producers just joined OPEC's meeting, with final decisions expected later today, as Russia proposes adding three more months to the deal to end at June 2018. 

OPEC is using extension to production cuts to counter the surge in U.S. shale production to two-year high, and as global crude stocks hit five-year highs.