Oil prices jump almost 5 percent, but oversupply still damps outlook | Reuters

Oil prices jump almost 5 percent, but oversupply still damps outlook | Reuters:

"Oil prices jumped almost 5 percent on Friday after comments by the energy minister of OPEC-member United Arab Emirates sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist.

International benchmark Brent crude was trading at $31.43 per barrel at 0619 GMT, up $1.37 or 4.56 percent from its last settlement.

Friday's jump in Brent came after the United Arab Emirates energy minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) was willing to talk with other exporters about cutting output."



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