Singapore — Oil prices steadied on Friday after recent declines, but were on track for their first weekly fall in six weeks as the concern about surging US supply put a dent in the market’s recent rally. Brent crude futures, the international benchmark for oil prices, were at $61.31 a barrel at 1.36am GMT, down 5c from their last close. US West Texas Intermediate (WTI) crude futures were at $55.32 a barrel, up 18c, or 0.3%, from their last settlement. Still, Brent was on track to fall around 3.4% for the week and WTI 2.5% on the worry about growth in US production and inventories, after both benchmarks touched near two-and-a-half year highs last week. Crude markets have received general support in the past months by oil cartel Opec, which together with some non-Opec producers including Russia has been withholding production since January in order to tighten the market and prop up prices. This has lead to an almost 40% rise in Brent prices since June. "The production cut agreement be...
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