Oil weakened on Friday

International benchmarks for oil prices moved lower on Friday (7 October) after hit the highest levels in almost four months in the previous trading session. Analysts said that market still lack of confident in OPEC’s ability to achieved any output cut agreement. Market might need more catalysts to push prices up further, however, the action taken by OPEC has set a floor for oil prices, industry experts said.

WTI closed at $49.81/barrel (-$0.63) for November delivery

Brent closed at $51.93/barrel (-$0.58) for November delivery