WASHINGTON (dpa-AFX) - Crude oil prices surged by the most in more than a decade Friday, helped by talk of a deal between OPEC nations to finally curb production.
OPEC leader Saudi Arabia appears ready to end its game of chicken with other major producers, with multiple reports saying it cannot afford to keep oil near $25 a barrel much longer.
Meanwhile, the Wall Street Journal quotes United Arab Emirates energy minister Suhail Al Mazroui saying that OPEC was 'ready to cooperate' with exporters over output reductions.
Oil prices had been hammered all week until today, plunging to 13-year lows.
To put the earlier losses in perspective, WTI oil jumped 12.3% for the session, but still ended the week 4.7% lower.
March West Texas Intermediate crude jumped $3.23 to $29.44 a barrel on the New York Mercantile Exchange today.
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