Oil prices rose on Friday and were on track for weekly gains as a meeting of OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and allies including Russia – a grouping known as OPEC+ – will last throughout the first quarter. The group will meet again in early March for an extraordinary meeting to set its policy. Brent futures LCOc1 were up around 1.4% at $64.27 per barrel by 12:16 p.m. EDT (1716) GMT and were on track to rise nearly 3% on the week. West Texas Intermediate oil futures CLc1 rose around 1% to $59.08 a barrel. They are set to rise about 7% on the week, their biggest rise since June, after the U.S. government data on Wednesday showed domestic crude stockpiles falling […]