Oil slips as growing stocks overshadow Opec cut
Brent edges down to $55.57 as global inventories and the expectation that an output cut might eventually balance the market vie for dominance
London — Oil slipped on Friday, pressured by growing global stocks, while the expectation that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.57 a barrel at 9.45am GMT, 8c below their last close. US West Texas Intermediate (WTI) crude futures were down 4c at $53.32 a barrel. Both appeared on track for losses on the week, although prices had moved higher earlier in the session in response to news that producer group Opec could extend an output cut aimed at reining in a global supply overhang. Opec and other producers, including Russia, plan to cut output by almost 1.8-million barrels a day during the first half of 2017, and estimates suggest compliance by Opec is around 90%. The cuts are aimed at curbing oversupply that has dogged markets since 2014. But inventories and supply remain high, especially in the US. "You’ve got bullishness from the Opec cuts, but the bearishness of the inventory report,...
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