Crude prices sag, while staying close to eight-week peaks

Crude prices sag, while staying close to eight-week peaks

On Friday, crude edged lower, while still hovering over 8-week maximums, underpinned by a dip in American inventories as well as OPEC's ongoing attempts to cut output.

Brent crude futures tumbled 0.1% demonstrating $51.43 per barrel.

American West Texas Intermediate crude futures decreased 0.1% being worth $48.99 per barrel.

In the previous session both benchmarks rallied to their highest values since May 31, backed by a soar in American gasoline futures after earlier support from OPEC's fresh attempts to restrict exports as well as an abrupt dip in US crude inventories.

By July 21 US crude stocks went down abruptly by 7.2 million barrels because of strong refining activity and also a jump in exports, as follows from data from the Energy Information Administration.

Flooding American crude supplies have appeared to be a challenge to output cuts to back prices led by OPEC.

Crude prices have been underpinned by a further agreement between OPEC as well as some non-OPEC participants to limit Nigerian crude production and also encourage several members to comply with their promised output cuts.

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