Oil pares back after big run as production-cut suspicions grow

Crude-oil prices reversed direction in early Asian trade Monday after jumping Friday on speculation that major oil producers were inching closer to a collective cut.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, -0.44%  traded at $29.36 a barrel, down $0.08 in the Globex electronic session. April Brent crude LCOJ6, -0.30%  on London’s ICE Futures exchange fell $0.05 to $33.32 a barrel.

Oil prices posted their biggest one-day rise since the financial crisis at the end of last week after the United Arab Emirates’ energy minister said the members of the Organization of the Petroleum Exporting Countries were “ready to cooperate,” but on the condition that non-OPEC players also pledge to do the same.

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