Oil prices climbed more than 1 percent on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from Chinas fast-spreading coronavirus. Brent crude oil futures were up 74 cents, or 1.4 percent, to $54.70 a barrel by 0326 GMT, while US West Texas Intermediate (WTI) crude futures were up 61 cents or 1.2 percent to $50.22 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, weighed the impact on global oil demand, and economic growth, of the coronavirus outbreak at a meeting on Tuesday, hearing from Chinas envoy to the United Nations in Vienna. The envoy, Wang Qun, addressed the Joint Technical Committeem (JTC) at its meeting, an OPEC source said. The JTC advises OPEC+. Officials will continue meeting on Wednesday and are taking the outbreak of the SARS virus in 2003 as an example to assess the potential impact of the coronavirus on demand, another OPEC+ source said. Producers are weighing further output cuts and moving a planned policy meeting to February rather than March.