Oil rises on potential OPEC cut extension, but still faces second weekly loss

April 28, 2017 By Henning Gloystein SINGAPORE (Reuters) – 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 futures were trading at $49.40 per barrel at 0344 GMT (11:44 p.m. ET), up 43 cents, or 0.88 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…

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