Oil rises $1 as OPEC, allies work on big output cut

LONDON: Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude was up by 91 cents, or 1.7%, at $52.77 a barrel at 1442 GMT.

U.S. West Texas Intermediate (WTI) was up by $1.03, or 2.2%, at $48.21 a barrel.