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Business Oil Price Bounces Back As OPEC Mend Fences


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Oil gains on Thursday, continuing to gather support after the world's biggest suppliers firmed up plans to meet to discuss an output freeze.

Oil producers including Gulf OPEC members support holding talks next month on a deal to keep production at current levels, even if Iran declines to participate, OPEC sources said on Wednesday.

The meeting is said to increase the likelihood of the first global supply deal in 15 years.

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U.S. crude was up 65 cents at 39.11 dollars a barrel at 0452 GMT, having earlier risen as high as 39.38 dollars.

Brent crude rose 38 cents to 40.71 dollars.

Qatari oil minister Mohammed Bin Saleh Al-Sada said producers from within and outside the Organization of the Petroleum Exporting Countries (OPEC) will meet in Doha on April 17 to discuss plans for a freeze in output.





(Reuters/NAN)
 
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