Oil held near $53 a barrel on Friday, but was on course for its biggest weekly drop in a month due to doubts that an OPEC-led production cut will restore balance to an oversupplied market. Brent futures were at $53.01 a barrel at 1107 GMT, up 2 cents from their last close and set for a 5.15 percent weekly drop, their biggest fall since the week of March 10. U.S. crude futures, which rolled over on Friday, were at $50.66 a barrel, down 5 cents and on course for a 4.8 percent weekly decline, also the most since March 10. 

Saudi Arabia and Kuwait, key members of the Organization of the Petroleum Exporting Countries, favour extending their production-limiting deal with non-member producers into the second half of the year.

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