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Crude prices were hit by the disappointment stemming from OPEC's agreement to extend currently implemented supply cuts, as investors' bets of deeper reductions were confounded.
OPEC and other non-member producers reached a consensus during a meeting in Vienna to prolong supply cuts of 1.8 million bpd until the end of March 2018, denoting a nine month extension. While the move to renew the agreement was highly expected, some investors in the oil market hoped producers would settle for longer or deeper supply cuts in an intensified bid to drain the market's glut.
Speculation regarding the cuts has bolstered crude futures in recent days, with the affirmation triggering investors to lock in profits.
U.S. WTI crude futures traded flat at $48.88 per barrel after shedding 4.8 percent overnight. It is poised to end the week 2.8 percent lower.
Global benchmark Brent edged up 0.1 percent up to $51.50 per barrel after falling 4.6 percent overnight. It is headed for a 3.9 percent weekly drop.
