Oil drops 1 percent as IEA sees slow market rebalancing

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Oil prices fell by one percent on Friday to their lowest in more than a week after the International Energy Agency said market rebalancing was taking time despite strong demand growth because of weak OPEC compliance with output cuts.

Brent crude, the global benchmark, was at $51.42 a barrel at 0830 GMT, down 48 cents. That was down 0.9 percent from its last close and its lowest since Aug. 1.

U.S. West Texas Intermediate (WTI) crude was down 48 cents, or 1 percent, at $48.11 per barrel, reaching its lowest since July 26…

 

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