London — Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubt that an Opec-led production cut will restore balance to an oversupplied market. Front-month Brent futures were at $52.87 a barrel at 8.20am GMT, down 12c from their last close and set for a 5.4% weekly drop, the most since the week of March 10. Front-month US crude futures, which rolled over on Friday, were at $50.61 a barrel, down 10c and on course for a 4.8% weekly decline, also the most since March 10. Saudi Arabia and Kuwait, key members of oil cartel Opec, favour extending their production-limiting deal with nonmember producers into the second half of the year. Russian Energy Minister Alexander Novak, however, declined to say whether the top oil producer would adhere to an extension before a joint meeting on May 25, saying global stocks were declining. "The situation is gradually improving from the beginning of March," Novak said. Both oil benchmarks fell this week as doubts ...
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