Oil prices slip as growing global stocks overshadow Opec cuts

Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.42 per barrel at 14:48 GMT, 23 cents below their last close.

US West Texas Intermediate (WTI) crude futures were down 17 cents at $53.19 per barrel. Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group the Organisation.

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