Oil Market Update : Epic Research Singapore

Oil futures enjoyed their best one-day rally on Friday. West Texas Intermediate crude jumped more than 12% as a major oil producer again raised the possibility of a coordinated cut in crude output.

March WTI crude CLH6, +10.72%  climbed by $3.23, or 12.3%, to settle at $29.44 a barrel on the New York Mercantile Exchange. That was the largest one-day percentage gain since January 2009, according to FactSet data.

Brent crude LCOJ6, +8.62% the global oil benchmark, jumped $3.30, or 11%, to end at $33.36 a barrel on London’s ICE Futures exchange after losing 2.5% in the previous session. For the week, prices still lost 2.9%.

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