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Oil prices slip as IEA sees slow market rebalancing

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices fell slightly on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth.Brent crude was down 11 cents at $51.79 a barrel at 11:53 a.m. EDT (1553 GMT), having earlier fallen 50 cents, or around 1 percent, to its lowest since Aug. 1.U.S. West Texas Intermediate crude was down 15 cents at $48.44 per barrel, having earlier dropped 1 percent to its lowest since July 26. U.S. crude was on track to close more than 2.4 percent lower on the week, ...

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First Published: Fri, August 11 2017. 22:32 IST