Oil jumps

Reuters

Singapore

Oil prices rose on Friday but were still on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market.

U.S. West Texas Intermediate (WTI) crude was at $49.43 per barrel at 0649 GMT, up 46 cents, or 0.94 percent, from their last close.

However, WTI is still set for a small weekly loss and is around 8 percent below its April peak. Brent crude was at $51.91 per barrel, up 47 cents, or 0.91 percent.

Brent is almost around 8.5 percent down from its April peak and is also on track for a second, albeit small, week of declines.

Traders said that Friday´s rises came on the back of OPEC saying it was keen to find a deal that would ensure a drawdown of excess fuel supplies.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia originally pledged to cut output by almost 1.8 million barrels per day (bpd) only during the first half of the year.