Crude oil prices settled sharply lower in futures market on Thursday after OPEC and other major exporters extended their current deal to limit oil production for nine months, disappointing investors who were anticipating deeper cuts.

OPEC and other major producers, including Russia, will roll over their six-month deal to remove 1.8 million barrels a day from the market through March 2018. Investors had hoped the cartel might reduce output even further to drain a global glut that has depressed the market for almost three years.

Light sweet crude oil (WTI) futures plunged 2.46 dollar or 4.79 percent to close at USD 48.90 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures plunged 2.50 dollar or 4.63 percent to close at USD 51.46 a barrel at NYMEX. WTI-Brent spread was stable on May-2017.

Natural gas futures remained flat at 17.157 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.609 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.551 a gallon at the NYMEX.