Oil prices set for weekly gain as Opec, allies agree to extend output cuts

Oil prices dipped on Friday but were on track for weekly gains as a meeting of OPEC and its allies agreed to extend output cuts by 500,000 barrels per day in early 2020. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed the cuts were needed to avert oversupply as economic growth stagnates amid the US-China trade war, sources told Reuters.

The cuts are expected to last until March. Brent futures were down 19 cents at $63.20 by 1407 GMT but are on track.....

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