By Nicole Pinto June 23 Southeast Asian stock markets were subdued on Friday as oil remained on course for its worst first-half decline in almost two decades, with Singapore and the Philippines edging down in the session, posting their second straight week of losses. Oil prices edged up on Friday, but remained on course for their worst first-half decline in almost two decades as production cuts have failed to sufficiently reduce oversupply. Oil has plunged about 20 percent this year, despite the OPEC's efforts to cut production, which investors believe has failed to rein in the global glut. "There are expectations that oil prices will continue to retreat in the near term," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. Singapore shares ended 0.2 percent lower, paring some of their earlier losses after data showed Singapore's industrial production grew for the 10th consecutive month in May from a year earlier, helped by strong electronics output. On the week, Singapore lost 0.7 percent. The city-state's core inflation gauge in May rose 1.6 percent from a year earlier, matching the median forecast in a Reuters poll. Global Logistic Properties lost 5.3 percent, while Oversea-Chinese Banking Corp gained 0.7 percent. Philippine shares lost 0.6 percent and ended the week down nearly 1 percent, with heavyweight SM Prime Holdings falling 2.5 percent. The Philippine government posted a budget deficit of 33.4 billion pesos ($664 million) in May, wider than the 17.7 billion pesos deficit a year earlier. Malaysian shares edged up 0.1 percent in the session, with Genting Malaysia advancing 4.9 percent, but the market fell 0.7 percent over the week, ending a four-week winning run. Indonesia's financial markets were closed on Friday and will remain shut throughout next week on account of public holidays. Singapore, Malaysia and Philippines will also be closed on Monday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change on the day Market Current Previous Pct Move Close Singapore 3209.18 3215.55 -0.20 Bangkok 1582.78 1580.91 0.09 Manila 7814.17 7858.34 -0.56 Kuala Lumpur 1779.45 1777.43 0.11 Ho Chi Minh 769.01 766.3 0.35 Change so far this year Market Current End 2016 Pct Move Singapore 3209.18 2880.76 11.40 Bangkok 1582.78 1542.94 2.55 Manila 7814.17 6840.64 14.2 Kuala Lumpur 1779.45 1641.73 8.39 Ho Chi Minh 769.01 664.87 15.7 (Reporting by Nicole Pinto; Editing by Amrutha Gayathri)