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Oil jumps on production cut hopes, oversupply fears check gains

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Investing.com – Oil prices jumped on Friday after comments by the energy minister of OPEC- member United Arab Emirates sparked hopes of a coordinated production cut, but oversupply concerns damped gains.
International benchmark gained as much as 6% against its previous settlement and was still up 4.74% at 09.14 GMT at $31.49 per barrel.
The jump in Brent came after the United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said OPEC was willing to talk with other exporters about cutting output, although he added that cheap oil was already forcing some output reductions which would help rebalance the market itself.
also gained as much as 6% and was still up 4.72% at $27.46 per barrel at 09.14 GMT after hitting lows not seen since 2003 in the previous session.

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