Oil jumps about 5 percent but prospects remain weak by glut before

February 12, 2016 at 10:18

Singapore (Reuters)-oil prices jumped nearly 5 percent on Friday after the UAE energy Minister revived hopes for coordination among producers to cut production, but some analysts said the move still excluded and that glut supply will continue.
And the price of raw measurement world Brent 1.37 dollars or 4.56 percent from its level when the former settlement of up to $ 31.43 a barrel by at 0619 GMT.
And Brent price Jump came Friday after the UAE energy Minister Mohammad Suhail bin Al mazroui, the Organization of petroleum exporting countries (OPEC) is ready to hold talks with other exporters regarding production cuts.
The Minister said that OPEC members are ready to cooperate with other producers in the production cut had noted that low oil prices have forced some manufacturers already cut what will restore balance to the market.
And WTI futures u.s. also 1.21 dollars or 4.62 percent to 27.42 dollars a barrel after having reached its lowest level since 2003 in the previous session.
Despite the rise in Brent and us crude, analysts said they see little chance of agreement in OPEC and independent producers to adopt a common policy and likely continuing low oil prices due to a supply glut.