Oil prices dip but stay near eight-week highs on U.S. stock declines @WWW.MCXRESEARCHGURU.COM 8859222859

Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in U.S. inventories and OPEC’s ongoing efforts to curb production.

Brent crude futures were down 6 cents, or 0.1 percent, at $51.43 per barrel at 0251 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1 percent, at $48.99 per barrel.

Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC’s latest efforts to cut exports and a sharp fall in U.S. crude inventories.

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