Brent falls towards $54, heads for third weekly loss

Brent crude fell towards $54 a barrel on Friday and was on track for its third weekly loss, hurt by oversupply worries after Kuwait said OPEC had no choice but to maintain output levels.

High inventory in the United States, the world’s largest oil consumer, also weighed on prices.

Brent crude for May delivery had fallen 30 cents to $54.13 a barrel by 0743 GMT. The contract is set to fall nearly 1 percent this week in its third straight weekly loss.

U.S. crude for April delivery tumbled 52 cents to $43.44 a barrel, headed for its fifth weekly loss. The contract expires on Friday.

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