Oil rises sharply this week as OPEC+ agrees on deeper output cuts
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NEW YORK (Reuters) - Oil prices rose more than 1% on Friday and posted sharp weekly gains after 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 other major producers 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 settled 1.6% higher..