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Crude oil prices on Friday increased drastically after report that the UAE oil ministry said the OPEC cartel is more willing to cooperate with other countries to trim production output. Analysts believed that a cut would be difficult to see but it is easier for the market to envisage a freeze in OPEC production. This will not reduce supply to the market but sentiment will be improved as it seems OPEC is bringing back production management. Meanwhile, government agencies around the world are warning that supply glut is not getting any better; hence these gains are very much of speculation.

WTI closed at   $29.44/b (+$3.23/b)
Brent closed at $33.36/b (+$3.30/b)

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