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Oil extends gains as Iran headlines flow

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices extended gains on Wednesday despite a brief pullback from session highs amid reports suggesting that Iran refused Doha’s proposal to freeze output.

    However later comments from Iranian oil minister gave the commodity a boost. He said that Iran supports decision taken by OPEC and non-OPEC countries to keep production 'ceiling' to stabilise oil prices, but he did not specify whether Iran will join the production freeze.

    West Texas Intermediate for March delivery rose back above $30.00 a barrel and reached fresh highs at $30.40 a barrel. It was last up 4.13% at $30.24 a barrel.
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