Singapore — Oil prices rose on Friday but were still on track for a second straight weekly loss on concern that an Opec-led production cut has failed to significantly tighten an oversupplied market. US West Texas Intermediate (WTI) crude futures were trading at $49.40 a barrel at 3.44am GMT, up 43c or 0.88% from their last close. However, WTI is still set for a small weekly loss and is about 8% below its April peak. Brent crude futures were at $51.86 a barrel, up 42c or 0.82%. Brent has fallen almost 8.5% from its April peak and is also on track for a second, albeit small, week of declines. Traders said Friday’s rises came after the Organisation of the Petroleum Exporting Countries (Opec) said it was keen to find a deal that would ensure a drawdown of excess fuel supplies. Opec and other producers including Russia originally pledged to cut output by almost 1.8-million barrels a day only during the first half of the year. But Opec has come under pressure to extend the cuts to cover a...
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