Oil rockets from 12-year low on renewed talk of OPEC cut

By Barani Krishnan NEW YORK (Reuters) - U.S. crude prices jumped more than 10 percent on Friday after a report once again suggested OPEC might resort to a production cut to reduce the world glut, and resilient stock markets added to the risk appetite in oil. The United Arab Emigrates' energy minister said the Organization of the Petroleum Exporting Countries was willing to cooperate on an output cut, the Wall Street Journal reported after Thursday's settlement in U.S. and Brent crude futures.