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Oil prices drop as IEA sees slow market rebalancing

Reuters  |  LONDON 

By Dmitry ZhdannikovLONDON (Reuters) - Oil prices fell 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, the global benchmark, was at $51.83 a barrel at 1220 GMT, down 7 cents, having earlier fallen 50 cents or around 1 percent to its lowest since Aug. 1.U.S. West Texas Intermediate crude was down 10 cents at $48.49 per barrel, having earlier dropped 1 percent to its lowest since July 26. Oil touched 2-1/2-month highs on Thursday but closed down around 1.5 percent, ...

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First Published: Fri, August 11 2017. 18:19 IST