The price of oil dipped further on Thursday, despite reports that Opec producers have agreed to extend supply cuts until arch 2018.

Oil had a rocky morning ahead of the announcement, rising just before it was announced on the hope of positive news. However, the agreed extension disappointed markets and saw the price of oil fall in afternoon trading.

WTI Crude is currently trading down 1.03 percent at $50.83 per barrel, with Brent trading down 0.8 percent at $53.83.

The remaining producers not part of the OPEC group – including Russia – are also set to decide later today if they too will extend cuts.

The FTSE 100 also had a volatile morning on the back of the oil price movements, nearing a record high in morning trading before falling back down alongside the price of oil.

The share index hit 7,529.74 – around four points shy of the record intraday high of 7,533 it hit last week – before slipping back around midday.