SINGAPORE: Oil prices were stable early on Friday, with Opec-led production cuts supporting the market while soaring US fuel inventories were weighing on crude. US West Texas Intermediate (WTI) crude futures CLc1 were trading at US$53.08 per barrel at 0106 GMT, up 8 cents from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were up 3 cents at US$55.66 a barrel. "Oil prices continue to struggle to break out of the current range," ANZ bank said on Friday. Despite the stronger U.S.-dollar and lingering concerns about US (oil) inventories, traders returned their focus to the Opec production cuts being implemented at the moment," it added.

Source: The Star February 10, 2017 02:48 UTC