Oil edged further below $57 a barrel on Friday, pressured by evidence of ample supplies including the biggest jump in U.S. inventories since 2001 and Saudi Arabian output reaching a record high. The market was still heading for a weekly gain, having rallied on Thursday in response to strong German economic data that lifted the oil demand outlook and easing concern about a rapid rise in Iranian oil supplies. Brent crude LCOc1 had slipped 13 cents to $56.44 a barrel by 0552 ET, but remained on track for its third weekly gain in four. U.S. crude CLc1 was down 43 cents at $50.36. “Most of the fundamental factors are still pointing to lower prices,” said Eugen Weinberg, analyst at Commerzbank. “At the moment, we have an oversupply of more than 1 million barrels per day.” The price of Brent has halved from $115 a barrel in […]