Oil climbs after Russia backs possible output cuts to counter coronavirus impact on demand

Oil rises on likely OPEC+ output cuts amid coronavirus outbreak

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Brent crude LCOc1 futures rose 32 cents, or 0.6%, to $55.25 a barrel by 0104, after falling 0.6% on Thursday. U.S. West Texas Intermediate crude CLc1 futures were up 26 cents, or 0.5%, at $51.21 a barrel, having gained 0.4& the previous session. “We support this idea,” said Sergei Lavrov, Russia’s Foreign Minister, when asked about the proposal at a news conference in Mexico City later in the day.

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