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Oil prices rebound as Iran may support OPEC output freeze

Xinhua, August 24, 2016 Adjust font size:

Oil prices increased on Tuesday on speculation that Iran may cooperate with other oil producers to freeze production.

Iran, the third-largest producer of the Organization of the Petroleum Exporting Countries (OPEC), was sending "positive signals" that it may support joint OPEC action to curb production and bolster the market, according to media reports on Tuesday.

Both U.S. oil and Brent crude closed 1.5 percent higher on Tuesday after the news.

Oil prices added about 15 percent last week on speculation that Saudi Arabia and other OPEC members will agree next month to a production freeze deal with non-OPEC members led by Russia.

The West Texas Intermediate for October delivery rose 0.69 U.S. dollars to settle at 48.10 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 0.8 U.S. dollars to close at 49.96 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem