Oil prices fall after OPEC+ talks, ECB rate cut - Reuters

Oil prices fall after OPEC+ talks, ECB rate cut - Reuters:

Oil prices fell on Thursday after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. 

Oil came under further pressure after the European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and said it will restart bond purchases of 20 billion euros a month from November to prop up euro zone growth.

Brent crude futures LCOc1 were down $1.20 cents at $59.61 a barrel by 1237 GMT. U.S. West Texas Intermediate futures CLc1 fell 96 cents to $54.79. Both were heading for a third session of losses.

Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not be decided before a meeting of the Organization of the Petroleum Exporting Countries planned for December.