Crude prices fell after Wednesday's near 6 percent surge as investors questioned whether OPEC's first deal to limit output since 2008 would restore balance to the oversupplied oil market.
I'm very sceptical about whether this deal actually means a cut in output, or whether it’s trying to raise the price a bit, because OPEC’s not an effective cartel anymore, it controls less than half the world oil supply," said Malcolm Bracken, investment manager at Redmayne-Bentley.
Goldman Sachs said the deal could add as much as $10 to oil prices in the first half of next year but, given the uncertainty of the proposal, stuck to its year-end and 2017 oil price forecasts.
Brent crude, the international benchmark, was down 25 cents at $48.4 a barrel, after hitting a high of $49.09 on Wednesday.
