LONDON/SINGAPORE (Jan 27): Oil prices slipped on Friday, giving up gains from earlier in the day, as market shifted its focus towards production increases in the United States from efforts by OPEC and other producers to support prices by cutting supplies. Brent crude futures, the international benchmark for oil prices, were trading at US$55.55 per barrel at 1050 GMT, down 69 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at US$53.30 a barrel, down 48 cents. But U.S. oil production has been rising, with the International Energy Agency forecasting total U.S. production growth of 320,000 bpd in 2017, to an average of 12.8 million bpd. A glitch in North Sea Buzzard crude production provided support.

Source: The Edge Markets January 27, 2017 12:07 UTC