UPDATE 10-Oil up 3 pct on March producers meeting, U.S. project delays

jueves 25 de febrero de 2016 16:38 GYT

* Market turns course as Venezuela reaffirms output freeze meeting

* Project delays by Continental, Halliburton job cuts aid rebound

* Prices down earlier on builds to record high U.S. crude stocks (New throughout, adding market settlements and rally in gasoline)

By Barani Krishnan

NEW YORK, Feb 25 (Reuters) - Crude oil futures jumped 3 percent on Thursday, reversing earlier loses after confirmation of a meeting of major producers and news of project delays and job cuts in the industry.

Venezuela reaffirmed a mid-March meeting of oil producers that would include Saudi Arabia, Russia and Qatar, to stabilize prices that have slumped 70 percent in a 20-month rout.

The four countries are involved in an effort to get oil producers in the Organization of the Petroleum Exporting Countries and elsewhere to freeze production at January's highs. Many traders believe an output cut and not freeze is what the market needs to clear the global crude glut.

"It's the Venezuela headline that got the market excited enough to rebound, though it's baffling why as everyone knows of this meeting and that it's not going to achieve anything," said John Kilduff, partner at Again Capital, a New York energy hedge fund.

U.S. crude futures settled up 92 cents, or 2.9 percent, at $33.07 a barrel. It had slid more than $1 at the session low.   Continuación...