Oil set for big weekly gains as OPEC+ agrees on deeper output cuts

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Oil prices rose on Friday and were on track for weekly gains as a meeting of 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 allies 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.

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