NEW YORK, Oct 18: Oil prices rebounded on Friday above $71 a barrel on speculation the OPEC crude producers’ cartel could cut production at an emergency meeting next week, traders said.

Crude futures had tumbled on Thursday and have plunged by more than six per cent over the week as fears of a global recession raised expectations of a prolonged slowdown to energy demand.

New York’s main contract, light sweet crude for delivery in November, rose by $2.00 to close at $71.85 a barrel.—AFP