Oil Clocks Best Day In 7 Years On OPEC Hopea. Sells USD33.9 - Nairaland General

Oil Clocks Best Day In 7 Years On OPEC Hopea. Sells USD33.9 - Nairaland General - Nairaland

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Oil Clocks Best Day In 7 Years On OPEC Hopea. Sells USD33.9 by sleemfesh(op): 8:52am On Feb 13, 2016

Oil prices scored their biggest one-day gain since 2009 Friday after hitting 12-year lows a day earlier, as hopes of production cuts by the Organization of the Petroleum Exporting Countries fueled a rally.

The roller-coaster ride for crude oil kicked into high gear as the price of West Texas Intermediate crude oil, the U.S. benchmark, rose 11.5% to settle at $29.23.

Brent crude, the global benchmark, rose 10.1% to $33.09.

The spike came after a United Arab Emirates Energy Minister suggested that OPEC members "are ready to cooperate on a cut," TheWall Street i reported Thursday.
That remark served as a beacon of hope for oil producers that have been crushed by the commodity's slide. WTI on Thursday hit its lowest closing mark since May 2003, according to the Oil Price Information Service.

A production cut by OPEC would help ease the global glut of petroleum that has been created by the market-share war in the Middle East, fresh output by U.S. shale producers and a tepid global economy marked by a slowdown in China.

Cuts by OPEC would mark a reversal. In January OPEC increased production by 280,000 barrels per day to 32.6 million, according to an International Energy Agency report released Tuesday.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
http://www.usatoday.com/story/money/2016/02/12/crude-oil-prices-opec-cut-rumors/80286228/