Global crude oil prices jumped, today, on hopes of a coordinated production cut sparked by comments from the energy minister of OPEC member, United Arab Emirates. Brent crude oil futures gained 4.9 percent, to 31.53 dollars per barrel. US crude rose 4.5 percent, at 27.39 dollars per barrel. Still, Brent crude was on track for a weekly loss of more than 7 percent, and US crude for a weekly loss of 11 percent, as oversupply weighed.The UAE Energy Minister said OPEC was willing to talk with other exporters about cutting output. He added that cheap oil was already forcing some output reductions which would help rebalance the market. But analysts saw little chance of agreement on a common policy. Oil prices have tumbled over 70 percent since mid-2014 as producers pump 1 to 2 million barrels of crude every day in excess of demand.