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Oil prices fell on Friday and ended the week 3 percent lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of the world's second-largest oil consumer, China, after it reported the steepest falls in overall exports since 2009. Record Chinese crude imports of 8.6 million barrels per day (bpd) in December helped to buoy prices somewhat, traders said, but they could not hide underlying fears over the overall health of the world's second-biggest economy.

Brent crude futures settled 56 cents lower at $55.45 a barrel, ending the week with a loss of about 3 percent. U.S. West Texas Intermediate crude futures fell by 64 cents to close at $52.37 also notching a weekly drop of nearly 3 percent. U.S. oil drillers cut rigs this week for only the second week in the last seven months, seen by traders as a pause in a recovery expected to last into 2018.