Oil prices fell Friday as traders focused on the continued oversupply of crude and hopes faded for output cuts among major producers. Light, sweet crude for March delivery settled down $1.13, or 3.7%, to $29.64 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.37, or 4%, to $32.91 a barrel on ICE Futures Europe. U.S. crude snapped a two-week losing streak, as front-month Nymex crude…