Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output

TOKYO: Oil prices steadied on Friday after a rough week, squeezed about 4 per cent lower by a combination of rising global supply and uncertain future demand.

US crude surfaced for air for the first time in four days, gaining 15 cents, or 0.3 per cent, to $54.33 a barrel by 0103 GMT. The contract was heading for a weekly loss of more than 4 per cent.

Brent crude was up 6 cents, or 0.1 per cent, at $59.68 a barrel, leaving it also on track for drop of nearly 4 per cent.