Oil climbs on hopes for output cuts to offset China virus impact

SINGAPORE (Reuters) - Oil prices rose on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus. Brent crude oil futures were up 31 cents, or 0.6%, to $54.27 a barrel by 0734 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents or 0.4% to $49.82 a barrel. Both prices earlier rose more than 1%. The Organization of the Petroleum..