Crude prices rise as OPEC proposes fresh output cut
Crude prices rose on Friday on expectations that OPEC could reduce output again, Xinhua reported.
Abdullah al-Badri, OPEC's secretary-general, said on Friday that the current oil prices were creating the risk of a future supply shortfall due to low investment in the industry.
Meanwhile, OPEC member Venezuela said it would propose another output cut if necessary. The oil cartel prepares to meet on March 15.
Oil prices also got a boost as the dollar dipped against the euro after the U.S. Labor Department said unemployment rate widened to 8.1 percent in February, the highest since December 1983.
Light, sweet crude for April delivery rose 1.91 U.S. dollars to settle at 45.52 dollars a barrel on the New York Mercantile Exchange.
In London, Brent prices rose 1.21 dollars to settle at 44.85 dollars on the ICE Futures exchange.