Reuters | Oil rises in late trade, still down on the week as glut weighs Reuters Oil has been on the back foot for more than two weeks now, after a string of U.S. inventory reports suggested that output cuts by the Organization of the Petroleum Exporting Countries were not having the desired effect in reducing global oversupply. OPEC Be Warned: Russia Battens Down the Hatches for Oil at $40 Saudis are claiming a drop in oil exports to United States, but data suggest it won't last Oil gains for the day, but suffers 3rd weekly loss in a month |