Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Also supporting prices was data from the U.S. Energy Information Administration data showing crude inventories rose by 9 million barrels last week to 527.6 million barrels, less than the 10.6 million-barrel rise analysts had forecast in a Reuters poll.
