LONDON, Oct 17: 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 $1.49 to $71.34 a barrel on Friday.

The contract had fallen by $4.69 to $69.85 on Thursday, the first time the benchmark contract closed below the 70-dollar level since August 2007.

London’s Brent North Sea crude for delivery in December rose $1.31 to $69.15 a barrel on Friday.

The November contract expired on Thursday after diving to a 17-month low at $65.45.

Opec said on Thursday that it would hold an extraordinary meeting earlier than expected next Friday -- instead of in November -- to discuss the global financial crisis and its impact on the oil market.

“The threat of an Opec cut at its meeting next week has lifted oil,” said BetOnMarkets.com analyst David Evans in London on Friday.

“Oil... has been in a tailspin as worries of a full-fledged recession intensify. We believe that oil prices have hit their lowest and could only go higher from here,” added the analyst.—AFP