Oil rises on chance of output cuts as producers to meet

Oil prices surged to their highest levels in more than a week as news of a meeting of top officials from the world’s biggest oil producers spurred speculation of an eventual deal to tackle a deep supply glut.

U.S. crude was up $1.43 at $30.87 by 0330 GMT as the market reopened following a shortened holiday session. The contract rose by as much as $1.50, or 5.1 percent, to $30.94, the highest since Feb. 8, building on Friday’s more than 12 percent surge.

Brent crude for April delivery was up $1.21 at $34.60 a barrel. It rose as high as $34.72, the highest level since Feb. 5, after rising 11 percent on Friday.

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