Oil edges up as output cut hopes offset coronavirus concern

NEW YORK/LONDON (Reuters) - Oil prices inched up on Monday as concerns over the economic fallout from the coronavirus outbreak in China were offset by expectations that potential production cuts from major producers could tighten global crude supply.Brent crude was at $57.59 a barrel, up 27 cents, by 12:55 p.m. EST (17:55 GMT) after rising 5.2% last week, its biggest weekly gain since September 2019.U.S. West Texas Intermediate crude was up 23 cents to $52.28 a barrel, after a 3.4% gain last..