Oil prices fell on Friday in Asia even afterthe Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to increase output cuts by nearly 50% in early 2020.

U.S. Crude Oil WTI Futures traded 0.3% lower to $58.27 by 12:29 AM ET (04:29 GMT). International Brent Oil Futures were down 0.4% to $63.15.

OPEC+ agreed to cut an extra 500,000 barrels per day (bpd) of production. However, the move failed to lift oil prices today as the cuts would likely only last through the first quarter of 2020. It is a much shorter timeframe than suggested by some OPEC ministers, who have called for extending cuts until June or December 2020.

Source : Investing.com