Crude oil prices rose Friday morning after a top OPEC official expressed optimism about a plan to freeze output from a number of major producers.
“At the moment the best possible feasible proposal is to freeze at the level of production of January,” Qatar’s energy minister, Mohammed bin Saleh al-Sada told CNN.
“We think [a production freeze] will gather more and more approval because it is [in] the interest of all parties.”
OPEC and non-OPEC nations alike are scrambling to put a floor under oil prices that collapsed to the loweest in 13 years earlier this month.
US crude oil for April was up 38 cents at $33.45 a barrel this morning, extending yesterday’s strong rebound.
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