SINGAPORE, Nov 17 Reuters Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5 to a four monthlow on Thursday on worries over global demand.

Brent futures edged up 7 cents, or 0.1, to 77.49 a barrel at 0702 GMT. U.S. West Texas Intermediate crude WTI was at 72.96, up 6 cents, or 0.1. Both have lost around a sixth of their value over the last four weeks.

Oil prices are down slightly this year despite demand exceeding our optimistic expectations, Goldman Sachs analysts said in a note.

Noncore OPEC supply has been much stronger than expected, partly offset by OPEC cuts.

Prompt monthly spreads for both contracts have flipped to contango, a market trend where prompt prices are lower than those in future months indicating healthy supply. ,

Oil39;s decline this week was mainly triggered by a steep rise in U.S. crude inventories and production sustaining at record levels, which analysts say triggered concerns of weak demand in the world39;s largest oil consumer amid high output.

JPMorgan commodities research said on Friday its global oil demand tracker showed demand averaged 101.6 million barrels a day bpd in the first half of November, running 200,000 bpd lower than its projection for the month.

Analysts said that the recent drop in prices is also likely to make Saudi Arabia extend its additional voluntary oil output cut of 1 million bpd into 2024.

It has become clearer that the oil balance for the…