Mubasher: Oil prices edged down in the week ended Friday, 9 December, after recording strong gains the previous week on the back of the decision by Organisation of Petroleum Exporting Countries (OPEC) to trim production in 2017.

Brent crude prices shed 0.4% during the week to $51.5 per barrel, while US crude slipped 0.2% to $54.33 pb.

Baker Hughes Oilfield Services announced late Friday that 18 new oil rigs were added in the US, bringing the total number to 498 rigs.

The OPEC meeting on 30 November concluded the agreement to reduce output by member states by around 1.2 million barrels per day (mbpd) to 32.5 mbpd starting January 2017.

Members agreed that the six-month deal will be subject to an extension. In addition, a committee will be created to oversee the execution of the agreement.

OPEC ministers are scheduled to meet in Vienna on Saturday to sign the declaration to trim output and boost oil prices.