Oil prices edged higher Friday, on track for their first weekly gain in six week...
SINGAPORE - Oil prices edged higher Friday, on track for their first weekly gain in six weeks, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.
U.S. West Texas Intermediate futures CLc1 were 14 cents higher at $51.56 a barrel. The contract rose 0.5% on Thursday and is now 2.4% higher for the week. In response to the demand slump, the Organization of the Petroleum Exporting Countries and its allied producers, a grouping known as OPEC+, are considering cutting output by up to 2.3 million barrels per day.
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