Investing.com - U.S. oil turned lower on Friday, amid profit-taking and doubts over the potential success of the recent oil production deal although the commodity continued to hover at the $50 a barrel threshold, signaling sustained optimism.
U.S. crude futures for January delivery were down 1.41% at $50.33 a barrel, just off Thursday’s six-week highs of $51.93.
On the ICE Futures Exchange in London, the February Brent contract lost 1.59% to trade at $53.08 a barrel, after hitting a 17-month peak of $54.53 in the previous session.
Market participants locked in profits after oil prices rallied to multi-month highs following news on Wednesday that the Organization of the Petroleum Exporting Countries reached an agreement on an oil output cut aimed at tackling global oversupply and shoring up prices.
However, traders also remained cautious amid concerns over the implementation of the deal under which OPEC members were joined by non-OPEC Russia for the first time in 15 years in announcing coordinated production cuts by a combined 1.5 million barrels per day.