Opec Postpones Emergency Session

OPEC on Friday revived speculation of an emergency meeting to boost the depressed oil market, but traders doubted ministers can find a quick fix to their massive overproduction.

Previous efforts to call a special meeting of the Organization of Petroleum Exporting Countries have fizzled, and markets got just a brief dose of optimism from Friday’s news that the group had delayed a session on quota-busting.

Postponing the meeting of OPEC’s compliance committee could give all 11 ministers time to plan and call a full emergency meeting by as early as late March - although officials were mum about their intentions.

Crude oil futures prices rose but retreated later in the day.