Oil prices jumped on Friday on hopes of a coordinated production cut sparked by comments from the energy minister of OPEC member United Arab Emirates. Still, analysts said such a move remained unlikely and prices for Brent and U.S. West Texas Intermediate (WTI) crude were on track for weekly losses of more than 7 percent and 11 percent, respectively, as oversupply weighed. Brent LCOc1 gained as much as 6 percent against its previous settlement and was up 4.9 percent at $31.53 per barrel at 0938 GMT (0438 ET). “The comments by the UAE oil minister are pushing prices up …but we’re still in a long-term downturn. That hasn’t changed,” said Hans van Cleef, senior energy economist at ABN AMRO. He said Friday’s spike is “an indicator that it’s not a one-way price movement anymore …we will […]