US oil prices up almost $2

World oil prices have rebounded sharply after the head of OPEC indicated that the crude producers' cartel could cut its production target for 2015. US benchmark West Texas Intermediate for October delivery jumped $1.96 to $94.88 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for November delivery gained $1.17 to $99.05 a barrel in London. El-Badri reportedly said he expects the producers group to trim output in 2015 by about 500,000 barrels per day, from 30 million bpd to 29.5 million. The cartel is set to hold its next production meeting in Vienna on November 27. In June, OPEC agreed to keep production at 30 million barrels a day, saying in a statement that while oil demand was picking up, downside risks to the global economy 'remain unchecked'. Analysts on average expect US crude inventories dropped by 1.2 million barrels, according to a survey by Dow Jones Newswires, according to skynews.com