Brent steady below $60, heads for 4th weekly decline as glut persists

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* Saudi oil minister says oil price slump is temporary * Oil firms need to cut 2015 spending by $170 bln -Wood Mackenzie (Updates prices) By Jacob Gronholt-Pedersen SINGAPORE, Dec 19 (Reuters) - Brent crude held below $60 a barrel, near a 5-1/2-year low, on Friday as a global oversupply of oil showed little sign of receding, even as companies cut upstream investments next year. Oil prices were on track for a fourth straight week of declines after OPEC members last month decided against cutting production in response to a drop of nearly 50 percent in prices since late June. ...

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