Yahoo News UK | Oil surges on hopes for output cuts to trim glut Yahoo News UK More afternoon buying emerged after U.S.-based global oil producer Hess Corp (HES.N) said it planned to cut capital spending by 40 percent this year. Brent crude (LCOc1) settled up $1.30, or 4.26 percent, at $31.80 a barrel, rebounding from a decline ... need2know: Oil fuels Wall Street rally Key Opec Members Defend Oil Output Strategy Oil ends with a gain as OPEC members hint at 'cooperation' |