Oil prices dip but stay near eight-week highs on U.S. stock declines

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford

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.

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