Rices rose on Friday but were still on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.34 per barrel at 0217 GMT, up 37 cents, or 0.76 percent, from their last close. However, WTI is still set for a small weekly loss and is around 8 percent from its April peak. Brent crude futures were at $51.77 per barrel, up 33 cents, or 0.64 percent. Brent is almost over 8.5 percent below its April peak and is also on track for a second week of declines. Traders said that Friday's rises came on the back of OPEC saying it was keen to find a deal that would ensure a draw-down of excess fuel supplies.

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