Oil takes a pause after four-day winning streak

Oil prices at both the sides of the Atlantic retreated in Asia after having rallied for four straight sessions on OPEC agreement.

At the time of writing, Brent was down 19 cents or 0.37% at $50.70/barrel. WTI oil was down 24 cents or 0.5% at $48.56/barrel.

Oil markets are buoyed by the fact that for the first time in eight years the OPEC cartel has agreed to limit production. Experts say it is unlikely to help much in rebalancing oil markets.

Moreover, the recent rally also ignored data out of US released on Friday which showed 14^th weekly increase in last 15 weeks. The focus today would be on the weekly American Petroleum Institute (API) inventory figures.