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.
The contract had lost more than USD4 in the prior four sessions, sinking to the lowest level since May 2003.
Brent crude for April delivery, the European benchmark, finished at USD33