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Oil dips on ample supply despite OPEC pledge to cut output

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil markets dipped on Friday, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain.Brent crude futures, the international benchmark for oil prices, were down 7 cents, or 0.1 percent, at $48.35 per barrel at 0443 GMT, but up 3.5 percent for the week.U.S. West Texas Intermediate (WTI) crude futures were at $45.97 per barrel, down 11 cents, or 0.2 percent, but up around 4 percent over the week.Crude prices are around levels in late November last year, when a group of oil producers ...

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First Published: Fri, July 14 2017. 10:51 IST