Oil eases off highs after four big producers' output freeze agreement

London

OIL prices slipped off session highs on Tuesday after four of the world's largest producers agreed to freeze output at January levels, dashing hopes among the price bulls for an outright cut to supply.

The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha. It could become the first joint Opec and non-Opec deal in 15 years, aimed at tackling a growing oversupply of crude and helping prices recover from their lowest in over a decade.