U.S. crude fell in Asia on Friday after President Donald Trump abandoned a 2015 pact between 195 nations to tackle climate change and investors awaited further supply cues.
On the New York Mercantile Exchange, crude futures for June delivery slipped 0.95% to $47.90 a barrel, while on London's Intercontinental Exchange, global benchmark Brent was last quoted at $50.38 a barrel.
The latest weekly figures on the U.S. rig count are expected later on Friday. Crude futures snapped a four-day losing streak in the wake of investor skepticism concerning OPEC and its allies' decision to only extend, but not deepen, production cuts.
OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March last week, but stuck to production cuts of 1.8 million bpd agreed in November last year against expectations that the oil cartel was set to announce deeper production cuts.
Submitted June 02, 2017 at 09:11AM by MartEden http://ift.tt/2qNYD8V
