Oil prices build on Friday’s rally as OPEC rumors continue to swirl By Investing.com

Oil prices build on Friday’s rally as OPEC rumors continue to swirl

CommoditiesFeb 15, 2016 09:42AM ET

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Oil prices build on Friday’s rally as OPEC rumors continue to swirl

Investing.com - Oil prices extended strong gains from the prior session on Monday, as investors were hesitant to bet on lower prices amid a renewed possibility of coordinated production cuts.

Global oil prices surged more than 12% on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut.

Nigeria's oil minister, Emmanuel Ibe Kachiwku, said Sunday that the mood inside OPEC is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout

Crude oil for delivery in March on the New York Mercantile Exchange tacked on 36 cents, or 1.22% to trade at $29.80 a barrel by 14:40GMT, or 9:40AM ET.

On Friday, New York-traded oil surged $3.23, or 12.32%, its biggest one-day gain in seven years, as a renewed possibility of coordinated production cuts prompted investors to close out bets on lower prices.

Despite Friday’s strong gains, New York-traded oil futures still lost $1.53, or 4.69%, last week. The U.S. benchmark slumped to a 13-year low of $26.05 last Thursday, as record crude inventories at the Cushing delivery hub underlined concerns over a supply glut.

U.S. oil prices are down nearly 23% so far this year.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery inched up 40 cents, or 1.2%, to trade at $33.76 a barrel. London-traded Brent prices soared $3.30, or 10.98% on Friday.

Brent prices are down almost 13% in 2016 as investors worried that a huge oversupply in crude was coinciding with a global economic slowdown.

Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by the Organization of the Petroleum Exporting Countries last year not to cut production in order to defend market share.

Oversupply issues will be exacerbated further as Iranian exports return to the global oil market.

Meanwhile, Brent's premium to the West Texas Intermediate crude contract stood at $3.96, compared to a gap of $3.92 by close of trade on Friday.

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