Oil prices traded in the red on Friday, reversing gains from yesterday's session after the fears of the damages from Hurricane Irma have passed. However, the crude values remained at a high level and on track for weekly gains as investor confidence improved after the International Energy Agency (IEA) said the global demand growth for oil has been revised upwards for 2017.
Meanwhile, OPEC members and 15 other major oil producers involved in the output cut deal have reported greater compliance with the agreement in August, which also reassured market watchers towards more organized efforts towards energy market stabilization.
West Texas Intermediate for October delivery shed 0.56%, changing hands for $49.60 per barrel at 10:33 am CET, sliding back from the $50 mark it reached during the previous session. In the meantime, international benchmark Brent for settlements in November lost 0. 61% to trade for $55.16 per barrel at 10:34 am CET.
