Oil prices down on profit-taking after two-day jump
Oil prices dropped on Friday on profit-taking, after rising 7 percent in the past two sessions, amid doubts that OPEC's first planned output cut in eight years would make a substantial dent in the global crude glut.
London Brent crude for November delivery LCOc1, which expires after the settlement later in the day, was down 8 cents at $49.16 a barrel by 0023 GMT. It settled up 55 cents, or 1.1 percent, on Thursday, adding to a 5.9 percent gain in the previous session.
NYMEX crude for November delivery CLc1 was down 8 cents at $47.75. It settled up 78 cents on Thursday, after touching a... read more
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