Oil prices soar on weaker OPEC compliance

India Infoline News Service | Mumbai | August 13, 2017 08:30 IST

Oil prices edged higher on Friday but posted another weekly decline.

Oil prices edged higher on Friday but posted another weekly decline after the International Energy Agency said that market rebalancing was taking time due to weak OPEC compliance with output cuts.

Brent crude, the global benchmark, was up 10 cents at USD 52 per barrel at 1837 GMT. On Thursday, the contract touched an 11-week high at USD 53.64.

US West Texas Intermediate (WTI) crude ended Friday's trade up 23 cents at USD 48.82 a barrel, after falling to a two-and-half-week low of USD 48.01 earlier in the session. The contract fell 1.5% this week, its second straight weekly decline.

The IEA said OPEC’s compliance with the cuts in July had fallen to 75%, the lowest since the cuts began in January. It cited weak compliance by Algeria, Iraq and the United Arab Emirates.

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