Crude prices fall and head for weekly loss

Crude prices fell on Friday ahead of the weekend after a two-day advance, heading as well for a weekly loss due to doubts over OPEC's production cuts.
 
U.S. crude futures last traded at $52.55 a barrel, down from the opening price of $53.01, with an intraday high at $53.14, and a low at $52.26.
 
Crude's drop comes amid renewed concerns about oversupply, while Chinese demand is forecast to wane after earlier data showed the biggest drop in Chinese exports since 2009.
 
OPEC however expects global demand in 2017 to rise by a million bpd, which would achieve balance anew in the markets, specially with the deal to cut production between OPEC and other producers.
 
Concerns linger however regarding a bump in production levels from producers from outside OPEC, which threatens the deal to cut global output and pressured prices this week.