Oil prices face second weekly loss as oversupply lingers

BAKU. KAZINFORM Oil prices stabilized on Friday but were on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market, Reuters reported, Kazinform refers to Trend     

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $49.21 per barrel at 0036 GMT, up 24 cents, or 0.5 percent, from their last close. However, WTI is still set for a small weekly loss and is down more than 8 percent from its April peak.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $51.59 per barrel, up 15 cents, or 0.3 percent. Brent is almost 9 percent below its April peak and is also on track for a second week of declines.

Traders said that Friday's slight rises came on the back of statements by OPEC that it was keen to find a deal that would ensure a drawdown of excess global fuel supplies, which have weighed on markets for over two years.

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