Oil prices in line for 2nd consecutive weekly loss
Oil prices remained firm on the last business day of the week, but were on track for a 2nd straight weekly loss, as concerns linger that an OPEC led production cut has failed to tighten the oversupplied oil market.
At 00:36 GMT, U.S. WTI crude oil futures were trading at $49.21 per barrel, up by 24 cents or 0.5 cents from their previous close.
Brent Crude futures were at $51.59 per barrel, up by 15 cents or 0.3% .
Brent crude is almost 9% below its April peak, and also on track for 2nd week of declines.
There has been a persistent rise in crude oil production, which has surged by 10% since mid 2016 to 9.27 million barrels per day, to levels last witnessed during the height of the oil glut between late 2014 and early 2016.