Oil prices spiked Friday, boosted by the possibility that major production countries may cooperate to curb production.
Oil prices jumped as media reported that the energy minister of the United Arab Emirates said the Organization of Petroleum Exporting Countries was ready to cooperate on production cuts with other exporters.
Persistent oversupply, bloated inventories and a slew of negative economic news dragged crude prices to 12-year lows Thursday. U.S. energy firms cut oil rigs for the eighth straight week, according to the data from oil service company Baker Hughes released Friday.
Analysts expected major U.S. shale oil companies to slash spending after crude prices plunged. The West Texas Intermediate for March delivery moved up 3.23 U. S. dollars to settle at 29.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 3.3 dollars to close at 33.36 dollars a barrel on the London ICE Futures Exchange.
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