Oil prices soar on report that UAE offers talks on output cuts

NEW YORK: Oil prices soared Friday, with US crude rebounding from a 2003 low, on reports that OPEC was willing to organize output cuts that could ease the global oversupply. US benchmark West Texas Intermediate for March delivery shot up USD3.23 (12.3 percent) to USD29.44 a barrel on the New York Mercantile Exchange. A big catalyst was a Wall Street Journal report that United Arab Emirates oil minister Suhail Al Mazrouei had said the OPEC cartel was willing to cooperate with other producers on t