Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices.
Brent crude futures were trading at $55.36 per barrel at 8:48 a.m. ET (1348 GMT), 29 cents below their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 24 cents at $53.12 per barrel.
Both were on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group OPEC could extend an output cut aimed at reining in a global supply overhang…