OIL PRICE: ABOVE $62

REUTERS, BLOOMBERG  -  Oil prices rose on Friday but were still on track for a week of losses due to concerns about oversupply, as signs of rising U.S. output were compounded by doubts that Russia would support an OPEC deal to extend curbs on production.

Benchmark Brent crude oil LCOc1 was up 66 cents at $62.04 a barrel by 1400 GMT, recovering some ground after five sessions of losses.

U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.08, 94 cents up on the day.

"An end-of-week rebound is helping the energy complex claw back some of its recent losses though both crude markers are still on track for their first weekly decline in six," oil brokerage PVM said on Friday.

A 5,000-barrel oil leak in South Dakota - that led TransCanada Corp (TRP.TO) to shut part of its Keystone pipeline system on Thursday - added to the bullish tone, PVM said.

But prices were still on track to fall between 2 and 3 percent since the end of last week, as fears of oversupply in the United States weighed.

Crude oil production in the U.S. hit a record of 9.65 million barrels per day (bpd) this month, meaning U.S. output has risen by almost 15 percent since mid-2016.

The International Energy Agency said on Thursday that the United States would account for 80 percent of the global increase in oil production over the next 10 years.

"Let's assume that U.S. oil production continues its upward trajectory. They could very well be at 10 million bpd by the end of 2017," said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai.

Signs this week of rising output in the United States have dampened the impact of a deal restricting output agreed by the Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers.

Its curbs on oil output had propped up prices, taking Brent above $64 last week to highs not seen since 2015.

"Upside potential is being capped by oversupply concerns fueled by the surge in U.S. crude production," PVM said.

The agreement expires in March and was expected to be extended at OPEC's next meeting on Nov. 30. But signs that Russian support for the deal may be wavering have injected uncertainty and undermined the recent rally.

U.S. investment bank Jefferies said Russian backing for formalizing an extension appeared "questionable, even if only to defer the decision" to the first quarter of 2018.

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Earlier:

November, 15, 15:25:00 OIL PRICE: ABOVE $61 AGAIN REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents. Русский | English

November, 15, 15:20:00 IEA COOLS THE MARKET BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

November, 15, 15:05:00 UAE CUTS OUTPUT OPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding weight to a gathering consensus for longer reductions in output among participants in the global accord.

November, 14, 18:10:00 OIL PRICE: ABOVE $62 Brent crude futures LCOc1 were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.79 per barrel, up 5 cents. Русский | English

November, 13, 10:50:00 OIL PRICE: ABOVE $63 YET Brent crude futures LCOc1 were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.79 per barrel, up 5 cents. English

November, 9, 13:55:00 EIA: OIL PRICE $53 - $56 North Sea Brent crude oil spot prices averaged $58 per barrel (b) in October, an increase of $1/b from the average in September. EIA forecasts Brent spot prices to average $53/b in 2017 and $56/b in 2018.

October, 11, 12:50:00 OIL PRICES 2020: $50 - $60 Based on a “lower-for-longer” base-case scenario, global oil prices will remain in the $50-60/bbl range until late 2020, due to increasing supply that breaks even at $50/bbl, according to to the most recent global oil supply and demand outlook from McKinsey Energy Insights (MEI).