International oil prices dip on production cut doubts
International oil prices dipped on Friday over doubts that a planned cut in crude production could be achieved on a scale sufficient to rebalance a market that has been oversupplied for two years.
International Brent crude oil futures LCOc1 were trading at $51.85 per barrel at 0050 GMT, down 18 cents, or 0.35 percent, from their previous close.
Traders said the dip was a result of scepticism that a planned oil output cut by the Organization of the Petroleum Exporting Countries (OPEC) and potentially non-OPEC member Russia would be sufficient to rein in a global production overhang which has... read more
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