Oil pulls back but on track for best week in 7 years

Oil is trimming some of its recent rally after two days of big gains, but is still on track for its best week in more than seven years.
Brent crude, the international benchmark, is down 1.1 per cent Friday to $53.37 perbarrel.
Nevertheless, the black stuff is still up more than 14 per cent for the week after Opec pledged to cut production for the first time since the 2008 financial crisis.
Short of a big turnround today, that puts it on track for its biggest week of gains since January 2009.
Analysts have warned, however, that sustaining the recent rises will depend on how well Opec members can actually adhere to their new commitments.
Goldman Sachs wrote in a note that “a sustained rally in oil prices beyond current levels would require confirmation of participation by non-OPEC producers or more clarity on what Iran has agreed to do”.
Pierre Lacaze, chief executive at oil options broker LCM Commodities, added that the oil price “is like a soufflé – it goes up, up, up and you open the oven door and boom, it goes right back down.”