2017.11.1703:03:00UTC+00Oil Prices Poised for Weekly Decline on Oversupply Concerns

Oil prices were stable on Friday following recent declines, but are bound for their first weekly drop in six weeks as worries regarding the surging U.S. supplies hurt the market's recent rally.

Brent crude oil futures stood at $61.31 per barrel, falling 5 cents from their last settlement. Meanwhile, U.S. WTI crude futures traded at $55.32 per barrel, up 18 cents or 0.3 percent from their last close.

Still, Brent, the international benchmark for crude prices, was bound to decline 3.4 percent for the week while WTI was headed for a 2.5 percent weekly drop on concerns regarding growth in U.S. production and stockpiles, after both contracts hit their highest level in two-and-a-half years last week.

Oil markets have received solid support in the last months by OPEC, which, along with non-OPEC producers, have committed to an agreement to limit production since January in order to rebalance the market and drive up prices. The initiative has resulted to an almost 40 percent jump in Brent prices since June.

The deal to limit output is due to end in March 2018, but OPEC will convene on November 30 to discuss policy. It is widely expected that the cuts will be extended as storage levels continue to be elevated despite recent declines in inventories.