Singapore — Oil traded steady on Friday, although it was set for its biggest weekly drop in about a month over the doubt that an Opec-led production cut will restore balance to a market that has been dogged by oversupply for more than two years. Brent crude futures were at $52.99 a barrel at 3.23am GMT, flat from their last close. Brent futures are set for a 5.2% weekly drop, the most since the week of March 10. US West Texas Intermediate (WTI) crude futures were also almost unchanged, at $50.74 a barrel. WTI is set for a 4.6% weekly decline, also the most since March 10. Reuters technical analyst Wang Tao said WTI had support just above $50 a barrel, while Brent had support around $52.55. The stable prices on Friday followed a more than 3.5% fall in both benchmarks earlier this week as doubts emerged over the effect of an effort led by oil cartel Opec to cut production by almost 1.8-million barrels a day during the first half of the year. Thomson Reuters Eikon data show that a reco...
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