Oil Prices Mark Time, Set For Small Weekly Rise

Oil prices were little changed in early Asian trade on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang.
Brent crude was up 5 cents, or 0.1 percent, at $51.79 per barrel at 0353 GMT, after closing the previous session down 7 cents, and was on track for a weekly gain of about 0.8 percent.
U.S. West Texas Intermediate crude (WTI) was up 10 cents, or 0.2 percent, at $48.85 a barrel and was also set for a small weekly rise.
Oil prices fell sharply last week on concerns that production cuts by OPEC and non-OPEC members including Russia are not cutting a supply overhang as quickly as expected in the face of increased U.S. output.
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