Oil prices rally
LONDON: World oil prices rallied for a third day running on Friday, with traders brushing aside news of a rocket attack by jihadists on a gas plant in OPEC energy producer Algeria. With confidence growing that the world’s biggest crude producers will hammer out a deal to curb output, investors piled back into the commodity after they toyed with 13-year lows last month. Qatar’s Energy Minister, Mohammed al-Sada, confirmed this week that exporters from within and outside the OPEC cartel will meet on April 17 in Doha, stoking hopes of an agreement to ease a global supply glut. Around 1215 GMT on Friday, US benchmark West Texas Intermediate (WTI) for delivery in April was up 72 cents at $40.92 a barrel. Brent North Sea crude for May delivery won 75 cents to $42.29 a barrel compared with Thursday’s close. WTI had advanced 4.5 per cent on Thursday, closing above $40 for the first time since the start of December.