OIL PRICE: MORE $55
REUTERS - Oil prices ticked higher on Friday, recouping some of the previous session's losses, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output.
Global benchmark Brent LCOc1 was up 19 cents at $55.27 a barrel at 0941 GMT, recovering some of Thursday's losses that amounted to more than 2 percent.
WTI futures CLc1 traded at $52.69 a barrel, up 8 cents on the previous close.
"The market is range bound, therefore there is nothing surprising in seeing fresh buying after a big sell-off and of course the slightly weaker dollar is also helping oil recover," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.
The dollar slipped from a seven-week high on Friday ahead of a key speech by Federal Reserve chief Janet Yellen.
A weaker greenback makes it more attractive to buy dollar-denominated currencies like oil futures.
But oil gains were capped after concerns remained over non-OPEC compliance with a global deal to rein in oversupply.
Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with its cuts from October 2016 levels remaining at 100,000 bpd or a third of what was pledged by Moscow under its agreement with the Organization of the Petroleum Exporting Countries.
Official U.S. data also showed that crude inventories in the world's biggest oil consumer rose for an eighth straight week to a record 520.2 million barrels last week.
But even as U.S. oil production rose and Russian output held steady, OPEC boosted already strong compliance with the group's six-month deal to 94 percent, cutting output for a second month in February, a Reuters survey found.
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Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.
But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.
The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.
The Japanese government will offer $10 billion to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday.