Oil prices rise, capping week of historic turmoil over coronavirus - Reuters

Oil prices rise, capping week of historic turmoil over coronavirus - Reuters:

Oil prices climbed on Friday, adding to gains from earlier sessions after producers such as Kuwait said they would move to cut output and the United States approved another package to cope with the turmoil caused by the coronavirus outbreak.

Brent crude LCOc1 was up 24 cents, or 1.1%, at $21.57 by 0622 GMT, after rising more than $1 earlier and jumping 5% on Thursday. U.S. oil CLc1 was up 38 cents, or 2.3%, at $16.88 a barrel, having surged 20% in the previous session.

Barring a sharp jump later in the session, though, prices are heading for their eighth weekly loss in the last nine, capping one of the most tumultuous weeks in the history of oil trading. Brent is headed for a more than 20% loss this week, with U.S. West Texas Intermediate (WTI) set for a fall of around near 8%.