Oil prices rise, capping week of historic turmoil over coronavirus – ZAWYA

Oil prices rise, capping week of historic turmoil over coronavirus – ZAWYA

TOKYO - Oil prices climbed on Friday, adding to gains from earlier sessions after producers such as Kuwait said they would move to cut output and the United States approved another package to cope with the turmoil caused by the coronavirus outbreak.. Brent is headed for a more than 20% loss this week, with U.S.. Azerbaijan's Azeri-Chirag-Guneshli oil project will also have to cut output sharply from May onwards to fulfil the country's commitments under the deal, four sources told Reuters.. The package raises U.S. spending on the crisis to nearly $3 trillion.. The global economy may see a record contraction this year, according to a Reuters poll..