Oil rises as OPEC, allies gear for deeper output cuts

LONDON (Reuters) - Oil prices rose on Thursday on expectations OPEC and allied oil producers will deepen output cuts in an effort to prop up prices and prevent a glut next year. A ministerial panel of key OPEC members and other major producers led by Russia recommended increasing output cuts by 500,000 barrels per day (bpd) in the first quarter of 2020, according to Russian Energy Minister Alexander Novak. The Organization of the Petroleum Exporting Countries and other producing nations, a group..