Oil rises sharply this week as OPEC+ agrees on deeper output cuts - Reuters

Oil rises sharply this week as OPEC+ agrees on deeper output cuts - Reuters:

Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. 



The additional cuts by the Organization of the Petroleum Exporting Countries and other major producers including Russia - a grouping known as OPEC+ - will last throughout the first quarter. The group will meet again in early March for an extraordinary meeting to set its policy.

Brent futures LCOc1 settled 1.6% higher at $64.38 per barrel and rose about 3% on the week.

West Texas Intermediate oil futures CLc1 rose 1.3% to $59.20 a barrel. They climbed about 7% on the week, their biggest rise since June, after the U.S. government data on Wednesday showed domestic crude stockpiles falling for the first time in six weeks.