Oil prices stabilise, set for weekly gain on hopes for supply cut

Oil prices were steady on Friday, but set for their first weekly gain in six weeks on the assumption that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.

Brent crude futures were 1 cent higher at $56.35 a barrel by 0439 GMT, after gaining 1 per cent the previous session. Brent is 3.4 per cent higher for the week, the first increase since the week of Jan. 10.