2016.09.2923:28:00UTC+00Oil Prices Drop on Profit-Taking Following Two-Day Rally

Profit-taking weighed down oil prices on Friday, after advancing 7 percent in the last two sessions, amid skepticism that OPEC's supply freeze deal would have a significant impact in the global crude glut.

Brent crude edged down 8 cents at $49.16 a barrel while NYMEX crude also dropped 8 cents at $47.75 a barrel. Despite the latest decline in prices, both Brent and NYMEX crude are bound for a weekly gain of about 7 percent.

OPEC has struck a deal on Wednesday to trim the quantity of crude it produces daily and announced its plan to remove 700, 000 barrels per day from the oil market. The cartel said details regarding the deal will be fleshed out when it formally meets November, leaving the market with unanswered questions regarding the parameters of the agreement.

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