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US benchmark West Texas Intermediate slipped as much as 4% to break below $70 a barrel and reach the lowest intraday price since June 29. Global benchmark Brent retreated as much as 3.5%, slipping below $75. WTI futures have now dropped by more than a quarter from this years peak in late September.
Brent crude futures for February fell 14 cents, or 0.2%, to $80.72 a barrel by 0005 GMT. U.S. West Texas Intermediate crude futures fell 12 cents, or 0.2%, to $75.84.
OPEC members agree to implement an additional 1 million barrels a day of oil-supply cuts, alongside Saudi Arabia's extension of a voluntary reduction of the same size.
Noting that it is the sovereign right of oil producing and exporting countries to decide their production capacity, petroleum minister Hardeep Singh Puri said their decisions are still subject to “the doctrine of consequences - intended and unintended”
Brent and WTI oil futures are trading at 10-month highs and nearing $100 on tighter supply expectations and improved market fundamentals. But will the bullishness last?