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Oil prices rally after Iran calls for non-OPEC support

Xinhua, October 4, 2016 Adjust font size:

Oil prices reversed early losses to end higher Monday, as Iran's leader asked other oil producers to join the Organization of Petroleum Exporting Countries (OPEC) in supporting the crude market.

Iran's President Hassan Rouhani told his Venezuelan counterpart Nicolas Maduro in a telephone conversation Monday that it was essential for oil producing countries to take a decision to raise the price of oil and stabilize the market, according to media reports.

He added that OPEC members must hold "serious negotiations" with non-OPEC producers in order to increase and stabilize oil prices at international markets.

Rouhani's remarks added to the bullish fervor in the oil market since last week after the OPEC announced its first planned output cut in eight years. On Friday, oil notched the biggest monthly gain since April.

The OPEC reached a "historical" agreement last Wednesday to ceil oil output from 33.24 million barrels a day to a range of 32.5 million to 33 million barrels a day.

The West Texas Intermediate for November delivery added 0.57 U.S. dollar to settle at 48.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.70 dollar to close at 50.89 dollars a barrel on the London ICE Futures Exchange. Enditem