Oil prices rise as producers agree on supply compromise

Oil prices rose on Friday, heading for a fifth week of gains, after major producers agreed to continue to restrain production to cope with coronavirus-hit demand but the compromise fell short of expectations.

Brent was up 19 cents, or 0.4%, at $48.89 a barrel by 0102 GMT after gaining around 1% on Thursday. West Texas Intermediate had risen 18 cents, or 0.4% at $45.82 a barrel.

OPEC and Russia on Thursday agreed to ease deep oil output cuts from January by 500,000 barrels per day, failing to come to a compromise on a broader policy for the rest of next year.