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LequteMan
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Oil prices on Friday surged as much as 12% after the Wall Street Journal reported that the United Arab Emirates' energy minister said Opec members were ready to reduce output.
Venezuela's oil minister said oil-producing nations were on a "very good path" to clinch a deal.
"We're on a very, very, very good path" to reducing production, Eulogio Del Pino, the Venezuelan minister, who recently visited Russia and Saudi Arabia as part of a global tour to drum up support among both Opec and non-Opec producers, said.
However, traders said sharp falls on Thursday may have triggered some bargain-hunting.
Brent crude closed up $3.30 at $33.36 a barrel in New York after falling below $30 on Thursday.
After sinking to a 12-year low of $26.05 on Thursday, US crude settled up 12%, or $3.23, to $29.44 a barrel - its biggest one-day rise since 2009.
Many traders were sceptical about the Journal's report, pointing out that Venezuela and Russia had tried in vain earlier this week to stir Saudi Arabia and other major producers into agreeing to output cuts.
However, some believe that prices would rebound sooner or later if production tightened or demand rose.
Venezuela's oil minister said oil-producing nations were on a "very good path" to clinch a deal.
"We're on a very, very, very good path" to reducing production, Eulogio Del Pino, the Venezuelan minister, who recently visited Russia and Saudi Arabia as part of a global tour to drum up support among both Opec and non-Opec producers, said.
However, traders said sharp falls on Thursday may have triggered some bargain-hunting.
Brent crude closed up $3.30 at $33.36 a barrel in New York after falling below $30 on Thursday.
After sinking to a 12-year low of $26.05 on Thursday, US crude settled up 12%, or $3.23, to $29.44 a barrel - its biggest one-day rise since 2009.
Many traders were sceptical about the Journal's report, pointing out that Venezuela and Russia had tried in vain earlier this week to stir Saudi Arabia and other major producers into agreeing to output cuts.
However, some believe that prices would rebound sooner or later if production tightened or demand rose.
