Oil prices were steady on Friday, but on track for a weekly loss of more than 2 percent on uncertainty over whether OPEC would be able to coordinate a production cut big enough to curb a global glut that has dogged markets for two years.

Brent crude futures were at $50.54 per barrel at 0241 GMT, up 7 cents from Thursday. U.S. West Texas Intermediate (WTI) crude was up 4 cents at $49.76 a barrel. Both benchmarks hit their lowest in about three weeks on Wednesday and were headed for their biggest weekly drop since September.

Traders said there was reluctance in the market to move prices too far in either direction given the uncertainty over a out put cut by the Organization of the Petroleum Exporting Countries and non-OPEC producers, especially Russia.

"With both Iraq and Iran saying they won't be part of the cuts for various reasons, and Russia talking freezes not production cuts, the onus will fall on Saudi Arabia to pull any deal together," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.

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