Oil prices climbed on Friday, claiming background from a tumble of 5 percent in the previous session, on signs that OPEC’s output cuts that start next month will be deeper than expected. Benchmark Brent crude LCOc1 futures were up 41 cents, or 0.75 percent, at $54.76 per barrel at 0836 GMT, after dropping $2.89 in the previous session. Front-month Brent is set to lose around 9 percent this week. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 45 cents, or 1 percent, to $46.34 per barrel. WTI is on course to decline about 9.5 percent for the week. Crude prices have lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year. Further concerns were raised […]