Oil rebounds sharply as world eyes OPEC

February 12, 2016 5:02 PM

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Oil prices rebounded sharply Friday after hitting 12-year lows a day earlier, as hopes of production cuts by the Organization of the Petroleum Exporting Countries fueled a rally.

The roller-coaster ride for crude oil kicked into high gear, as the price of West Texas Intermediate crude oil, the U.S. benchmark, rose 12% to $29.25 at 11:38 a.m.

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