Oil prices shoot up as OPEC shows interest to cut output

‘Oil prices have made gains on the strength of speculation on OPEC’s willingness to consider output cuts in a bid to ease the global supply glut.

On Friday, US benchmark West Texas Intermediate (WTI) for March delivery finished at $29.44 a barrel on the New York Mercantile Exchange, up $3.23.

North Sea Brent crude for April delivery, the European benchmark, shot up $3.30 to $33.36 a barrel in London.’