Oil prices rebound sharply on news of limiting output

London

WORLD oil prices rebounded sharply last week on signs producers may still agree to limit output to tackle a supply glut that has sent crude tumbling for more than 18 months.

By Friday, US benchmark West Texas Intermediate (WTI) for delivery in April stood at US$34.24 a barrel compared with US$29.96 for the expired March contract one week earlier.

In London, benchmark Brent North Sea crude for April delivery jumped to US$36.66 a barrel from US$33.53 a week earlier.

"Crude oil prices have stormed back this week," said Fawad Razaqzada, analyst …