Oil slips

London

Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in U.S. inventories and OPEC´s ongoing efforts to curb production.

Brent crude futures were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.2 percent, at $48.94 per barrel.

Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC´s latest efforts to cut exports and a sharp fall in U.S. crude inventories.

"Crude oil prices rose further as the focus remained on fundamentals. This week´s better-than-expected inventory drawdown in the United States continued to support prices," ANZ bank said in a note.