Seoul — Oil prices were little changed in early Asian trade on Friday as the market looked for clues on how effectively oil cartel Opec production cuts are working to absorb a global supply overhang. Brent crude was up 5c, or 0.1%, at $51.79 a barrel at 3.53am GMT, after closing the previous session down 7c, and was on track for a weekly gain of about 0.8%. US West Texas Intermediate crude (WTI) was up 10c, or 0.2%, at $48.85 a barrel and was also set for a small weekly rise. Oil prices fell sharply last week on the concern that production cuts by Opec and non-Opec members including Russia are not cutting a supply overhang as quickly as expected in the face of increased US output. "Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high global inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved." If crude inventories remain high, Opec could extend its oil ou...
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