Oil prices jump 2% ahead of producers' meet

New York

OIL prices rose more than 2 per cent on Friday on expectations that the weekend's meeting of the world's top oil producers would demonstrate compliance to a global output cut deal, but rising US drilling activity limited gains.

Members of the Organisation of the Petroleum Exporting Countries and some other producing countries including Russia met in Vienna over the weekend to establish a mechanism to verify compliance with a deal to cut 1.8 million barrels per day (bpd) of output, Opec told Reuters.