Oil benchmarks on both sides of Atlantic staged solid comeback on the final trading day of this week on the back of comments by energy minister of OPEC-member United Arab Emirates. OPEC/ non-OPEC production cut likely? Currently both crude benchmarks are extending gains in Europe, with WTI rallying 4.70% to 27.44 and the Brent oil rocketing 5.30% to 31.60. Oil prices rebounded sharply higher this session as comments by UAE’s energy minister Suhail bin Mohammed al-Mazrouei over willingness to talk to other producers to slash output lifted the sentiment around the black gold. United Arab Emirates energy minister noted that they were ready to cooperate with other producers on a cut, although he added that cheap oil was already forcing some output reductions which would help rebalance the market itself, Reuters reported The relief rally in the oil prices could be also attributed to the unwinding of oil shorts, heading towards weekly close and ahead of China markets re-open after the Spring festival holidays. While markets also await the US oil rig counts data due later in the NY session. For more information, read our latest forex news.