Oil prices climbed on Friday after Russia said it backs a recommendation for Organization of Petroleum Exporting Countries (OPEC) and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets.
Brent crude futures rose 34 cents, or 0.6 per cent, to $55.27 a barrel by 0250, but were heading for a fifth weekly loss amid lingering fears over the impact of the virus.
United States (US) West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.5 per cent, at $51.23 a barrel, also heading for a fifth consecutive week of losses.