Oil prices spiked Thursday, boosted by the possibility that major production countries may cooperate to curb production.
Russian media on Thursday reported that ministers of Organization of Petroleum Exporting Countries (OPEC) and other oil producing nations will meet in February. Abdalla El-Badri, the head of OPEC, on Monday called on oil producers outside the group to help in reducing the global oversupply. "It is crucial that all major producers sit down to come up with a solution to this," El-Badri said at a conference in London.
Persistent oversupply, bloated inventories and a slew of negative economic news dragged crude prices to 12-year lows last week. The West Texas Intermediate for March delivery moved up 92 cents to settle at 33.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 79 cents to close at 33.89 dollars a barrel on the London ICE Futures Exchange.
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