Crude is steady after Abu Dhabi cut supplies
On Friday, crude prices were steady, as the beginning of supply drops by Saudi Arabia as well as Abu Dhabi backed the market, though doubts, which all producers are going to implement production reductions, agreed in a landmark deal the previous year kept financial markets from ascending further.
Brent crude futures were trading at $56.85 a barrel, tumbling 4 cents from their close yesterday.
In America, West Texas Intermediate crude futures demonstrated $53.74 a barrel, just two cents below their previous settlement.
Thursday's prices rallied following reports of supply drops from Saudi Arabia as well as Abu Dhabi coming into effect as part of huge efforts by the OPEC and also other producers to curb a global supply glut.
Overall supply from OPEC in December dropped moderately to 34.18 million barrels a day from the revised outcome of 34.38 million bpd in November, following a Reuters poll this week built around shipping data as well as information from industry sources.
[Only registered and activated users can see links. ]