Oil retreats

Singapore

Oil futures retreated on Thursday as the market grew more sceptical on how OPEC would implement a plan to curb oil output a day after the group agreed to limit production.

Benchmark prices had initially extended gains made in the previous session following the decision by the Organization of the Petroleum Exporting Countries (OPEC) to reduce its aggregate output by 700,000-800,000 barrels per day (bpd), or to around 32.5 million to 33 million bpd.

But Brent and U.S. West Texas Intermediate (WTI) retreated from their highest levels in more than two weeks as the market began to focus on the lack of hard facts about the deal.  "Investors and traders are sceptical - with good reason.

More cynical traders are questioning the complete lack of detail, including the potentially problematic question of which nations will curtail production," Michael McCarthy, chief market strategist at Sydney´s CMC Markets, told Reuters.