Global oil prices bounce on production cut talk

LONDON, Feb 16: Oil prices have bounced back further amid reports the Russian and Saudi oil ministers met in Doha, Qatar, and reached a conditional agreement to freeze production at January levels.

A barrel of benchmark New York crude is up 77 cents at $30.21, while a barrel of Brent, the international standard, has increased 89 cents to $34.28.


Kit Juckes, a global strategist at Societe Generale, isn't confident about the sustainability of the latest rise as the oil market is "now hyper-sensitive to news in both directions on supply, inventories and oil-politics."

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