By Henning Gloystein
SINGAPORE (Reuters) - Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.
International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel.
Traders said the declines came on lingering concerns over the health of the global economy.
Most analysts have downgraded their global economic growth forecasts below 3 percent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.
Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively.
Beyond global economics, oil markets are receiving support from supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.
"We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further U.S. shale production growth," said Norbert Ruecker, head of commodity research at the bank.
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