Oil prices down but on track for large weekly gain
LONDON: Oil prices fell on Friday but were on track for strong weekly gains as support from a surprise draw in US inventories and possible action from OPEC and its allies to trim production further outweighed broader economic concerns.
Brent crude was down 35 cents at $61.32 by 0830 GMT but the benchmark was set for a weekly gain of more than 3 per cent.
West Texas Intermediate (WTI) crude was down 32 cents at $55.91 and on track for a gain of about 4 per cent over the week.
The strong weekly rise was underpinned by the surprise decline in US inventories, with total US crude and oil product inventories dropping by about 10 million barrels last week.
