Oil gains more than 1% on hopes for output cuts to counter China virus impact

SINGAPORE (Reuters) - Oil prices climbed more than 1% 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 74 cents, or 1.4%, to $54.70 a barrel by 0326 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 61 cents or 1.2% to $50.22 a barrel.The Organization of the Petroleum Exporting Countries (OPEC)..