Oil gains more than 1% on hopes for output cuts to counter China virus impact
FILE PHOTO: A maze of crude oil pipes and valves pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S., June 9, 2016. REUTERS/Richard Carson/File Photo
Brent crude oil futures LCOc1 were up 44 cents, or 0.8%, to $54.40 a barrel by 0127 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 42 cents or 0.9% to $50.03 a barrel. Producers are weighing further output cuts and moving a planned policy meeting to February rather than March.
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