London — Oil prices fell by 1% on Friday to their lowest in more than a week after the International Energy Agency (IEA) said market re-balancing was taking time despite strong demand growth because of weak oil cartel Opec compliance with output cuts. Brent crude, the global benchmark, was at $51.42 a barrel at 8.30am GMT, down 48c. This was down 0.9% from its last close and its lowest since August 1. US West Texas Intermediate (WTI) crude was down 48c, or 1%, at $48.11 a barrel, reaching its lowest since July 26. Oil prices touched two and a half month highs on Thursday, but retreated to close down by about 1.5%, with US prices slipping back below $50 a barrel amid ongoing oversupply concerns. "There would be more confidence that re-balancing is here to stay if some producers party to the output agreements were not — just as they are gaining the upper hand — showing signs of weakening their resolve," the IEA said in its monthly report. The IEA said Opec’s compliance with the cuts i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.