Oil prices were stable on Friday, but were bound for its biggest weekly decline in nearly a month as sentiment was weighed by skepticism that an OPEC-led production cut will help rebalance the oversupplied markets.
Brent crude futures were at $52.99 per barrel, unchanged from their last settlement. The international benchmark are slated for a 5.2 percent weekly decline, the biggest drop since the week ended on March 10.
U.S. WTI crude futures were almost unmoved at $50.74 per barrel. The U.S. benchmark is bound for a 4.6 percent weekly drop, also the steepest drop since March 10.
Analysts said that WTI had support just beyond the $50-per-barrel mark, while Brent has support at an average level of $52.55.
The steady prices comes after a more-than-3.5 percent decline in both benchmarks seen earlier this week as skepticism surfaced over the impact of an effort led by OPEC to reduce production. Reuters data showed that a record output of 48 million bpd crude is being exported internationally in April,up 5.8 percent since December.
The material has been provided by InstaForex Company – www.instaforex.com