Oil fell below $50 a barrel as investors lost faith that an extension of OPEC-led supply cuts will overcome growing U.S. production and ease a global glut.

Front-month futures in New York are down more than 6 percent this week. While a number of exporters have reached an initial deal to extend the curbs past June, according to Saudi Arabian Oil Minister Khalid Al-Falih, data showing rising U.S. output is raising concern that those cuts will be undermined. OPEC and its allies have failed after three months of cuts to achieve their target of trimming global supplies below the five-year historical average, Al-Falih said. Bloomberg