Oil prices rise, capping week of historic turmoil over coronavirus

Oil prices rise, capping week of historic turmoil over coronavirus

TOKYO (Reuters) - 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.. FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S.. Brent is headed for a more than 20% loss this week, with U.S.. 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..