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Oil dips, on course for biggest weekly drop in a month

Reuters  |  LONDON 

By Ron BoussoLONDON (Reuters) - Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.Front-month Brent futures were at $52.87 a barrel at 0820 GMT, down 12 cents from their last close and set for a 5.4 percent weekly drop, the most since the week of March 10.Front-month U.S. crude futures, which rolled over on Friday, were at $50.61 a barrel, down 10 cents and on course for a 4.8 percent weekly decline, also the most since March 10.Saudi Arabia and Kuwait, key members of ...

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First Published: Fri, April 21 2017. 14:17 IST