London — Oil prices rose on Friday but remained en route for their first week of losses in six, as concerns grew over Russia’s support for an extension of the crude output cuts that have bolstered prices in recent months. Benchmark Brent crude oil was up 50 US cents at $61.86 a barrel by 10am GMT. US light crude was at $55.90 a barrel, up 76c. Friday’s slight uptick belied a downturn seen in recent days, with prices set to fall between 2% and 4% for the week as a whole. "After five days of continuous losses, an upside correction is always on the cards. Such a jump, however will not mean a change of heart," said Tamas Varga, analyst at brokerage PVM Oil Associates. An agreement by oil cartel Opec and other producers such as Russia to limit oil production, has propped up prices in recent months, with the deal expected to be extended at the group’s next meeting on November 30. But fears of hesitation on Russia’s part weighed on prices on Friday. "Russian support for a formalised extens...
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