On Thursday, crude prices sank on doubts that producers would fully deliver on promises to drop output. However, record American automobile sales as well as dropping crude shares offered markets some support.
Brent crude futures hit $56.28 per barrel, declining 18 cents from their last close.
Traders told that the drop came on the back of concerns that plans by the OPEC as well as other leading producers to drop crude supply would come true.
There remains a question mark as for whether OPEC, with a long history of non-compliance, will dare to follow through with the scheduled cuts. Few respondents actually expect full compliance, citing results from a poll of its participants.
In America, crude prices appeared to be firmer than on international markets, backed by strong vehicle sales as well as a report of dropping commercial crude stockpiles.
American West Texas Intermediate crude futures dived 10 cents, reaching $53.16 a barrel.
