A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020.
Dado Galdieri | Bloomberg | Getty Images
Oil prices were steady on Friday but are set for their first weekly gain in six weeks on the assumption major producers will implement deeper output cuts to offset slowing demand in China, the world’s second-largest crude user.
Brent crude futures fell 9 cents to $56.25 a barrel by 0234 GMT, after gaining 1% the previous session. Brent is 3.3% higher for the week, the first increase since the week of Jan. 10.
U.S. West Texas Intermediate (WTI) futures were down by 1 cent to $51.41 a barrel. The contract rose 0.5% on Thursday and is…