London — Oil prices steadied on Friday after dropping to their lowest in more than three months, pressured by heavy oversupply despite Opec-led production cuts. Brent crude oil was down 10 cents at $52.09 a barrel by 2.45pm GMT, after falling 1.7% on Thursday and 5% the day before in its biggest percentage decline in a year. US crude was 5 cents lower at $49.23 a barrel. The contract fell below $50 on Thursday for the first time since December. US crude is on track for a drop of more than 7% this week, its biggest weekly fall for five months. Market confidence faltered after news of another big rise in US crude inventories that have built steadily to record highs as US oil production has grown this year. The Organization of the Petroleum Exporting Countries (Opec) and other exporters including Russia agreed last year to cut output by around 1.8-million barrels per day in the first half of 2017, but so far the move has had little impact on inventory levels. "Steep price falls in the ...
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