Oil prices rally on hopes of extending output cuts

NEW YORK, March 23 (Xinhua) -- Oil prices rebounded on Friday as the Saudi energy minister said OPEC (Organization of the Petroleum Exporting Countries) would need to keep coordinating supply cuts with non-member countries including Russia into 2019.

Saudi Energy Minister Khalid al-Falih said OPEC members would need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories, according to media reports Friday.

OPEC and 10 producers outside the oil cartel, including Russia, have been holding back crude output by 1.8 million barrels per day since the start of 2017, a pact that they agreed to leave in place through at least the end of 2018.

On the data front, the number of rigs operating in U.S. oil fields increased by four to a total of 804 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for May delivery jumped 1.58 U.S. dollars to settle at 65.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 1.54 dollars to close at 70.45 dollars a barrel on the London ICE Futures Exchange. Enditem