Oil biggest weekly drop in a month

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 crude 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 the Organization of the Petroleum Exporting Countries, favour extending their production-limiting deal with non-member producers into the second half of the year.

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