Oil eases off highs after four producers agree output freeze

February 16, 2016 10:13 AM

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Oil eases off highs after four producers agree output freeze

LONDON Brent crude oil futures pared gains on Tuesday after Qatar said that four of the world's largest producers agreed to freeze output at January levels, provided that other major exporters followed suit.

Qatari energy minister Mohammad bin Saleh al-Sada told a news conference that the step would help to stabilise the oil market, which has experienced price declines not seen since the early 2000s because of the pace at which supply has outstripped demand.

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