Oil prices dipped on Friday, paving the way for a weekly decline as surging U.S. output was expected to start hitting global markets soon. Brent crude oil futures were at $70.49 per barrel at 0646 GMT, down 26 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.2 percent, at $61.61 per barrel. Brent is set for a weekly fall of over 2 percent, while WTI has declined almost 2.5 percent so far, its second straight weekly drop. “Oil prices have fallen as the pressure of record U.S. output levels continues to weigh,” said Mihir Kapadia, chief executive officer of Sun Global Investments. U.S. crude oil production reached a record 12.3 million barrels per day (bpd) […]