Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers’ cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Benchmark North Sea Brent crude LCOc1 headed for its fifth consecutive weekly fall after comments on Thursday in Moscow by Abdullah al-Badri, secretary-general of the Organization of the Petroleum Exporting Countries. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would not have much impact on the market. Brent LCOc1 was down 50 cents at $52.81 a barrel by 0825 GMT after settling 7 cents lower in the previous session. U.S. light crude CLc1 was 60 cents lower at $47.92 a barrel. OPEC members produced around 31.25 million barrels […]