Investing.com - U.S. oil moved lower on Friday, as traders locked in profits from the commodity’s rally to eight-week highs on Thursday and as a new weekly rise in U.S. stockpiles, albeit less significant than expected, dampened investors’ optimism.
U.S. crude futures for April delivery were down 0.6!% at $54.à! a barrel, off Thursday’s eight-week high of $54.94.
On the ICE Futures Exchange in London, the April Brent contract declined 0.!à% to trade at $56.1 » a barrel.
The Energy Information Administration said on Thursday that U.S. crude inventories rose by 564,000 barrels in the week to February 17, below analysts' expectations for an increase of 3.5 million barrels.
Oil prices strengthened after the Organization of the Petroleum Exporting Countries signaled earlier in the week the possibility of further production cuts.
OPEC Secretary General Mohammed Barkindo estimated that member states are about 90% in compliance with a global pact to cut production and noted the willingness of non-OPEC members to comply with the deal.
In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd) in an effort to combat the oversupply issue that has pressured prices over the last two years.