Oil prices have continued to fall amidst growing doubts that the production-cut agreement between OPEC countries may not be effective to end global glut.

North Sea Brent crude LCOc1 fell by 30 cents per barrel to $53.63 while the US light crude CLc1 was down by 35 cents to settle at $50.58 a barrel, reported Reuters.

After the OPEC countries and Russia agreed to reduce oil production last week, it prices increased by nearly 19%.

But apprehensiveness swelled as investors felt that the planned output cut may not be potent enough to balance the market. Doubts grew even stronger when both OPEC and Russia reported increased production in November.

PVM Oil Associates senior analyst Tamas Varga was quoted by the news agency as saying: “Investors are torn between hopes that producers will cut enough production to balance supply and demand, and fears that they won't.”

"Investors are torn between hopes that producers will cut enough production to balance supply and demand, and fears that they won't."

OPEC and non-OPEC countries are again scheduled to meet this week in Vienna to discuss and reach a consensus on targeted reduction in oil production.

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Commerzbank commodities research head Eugen Weinberg was quoted by Reuters as saying: “We will see whether belief in the (OPEC production) deal will hold. There is a big discrepancy right now between expectations, perception and reality."

Many analysts still feel that next year the oil market will be much more stable.

BMI Research was quoted as saying: “Oil markets are on track to tighten over 2017, which will be accelerated by OPEC's decision to reduce production alongside non-OPEC countries. If effectively implemented, we expect the global oil market will return to balance in the first quarter of 2017."

Since 2014, global oil production surpasses consumption by one to two million barrels per day.