Oil set for weekly loss despite gain on OPEC+ output decision

News Snapshot:

Oil prices rose on Friday after the OPEC+ group’s decision to keep its production policy unchanged, but benchmarks remained on track for weekly losses on China demand growth fears. Brent crude futures were up 50 cents, or 0.6 per cent, at $79.20 a barrel by 1001 GMT and U.S. West Texas Intermediate crude futures gained 47 cents, or 0.6 per cent, to $79.20. The Brent benchmark had approached $85 a barrel in Monday trading. Two OPEC+ sources said on Thursday that the group has kept its output policy unchanged and will decide in March whether to extend the voluntary oil...