Oil prices dipped on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang. If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its oil output cut deal, the Saudi energy minister said on Thursday. But OPEC's monthly report showed global oil inventories increased in January to 278 million barrels above the five-year average. In a sign that OPEC's efforts have had little impact, oil shipments to Asia have increased 3 percent since the OPEC supply cut deal was made. But the decline was not as much as expected, which could raise doubts over the country's compliance with the OPEC supply cut deal.

Source: Egypt Independent March 17, 2017 07:52 UTC