Oil Rises as Kuwait Says Iran Isn't Needed for Freeze Pact
- Kuwait says oil producers must reach agreememt on April 17
- Crude supply forecast to gain by 2.85 million barrels: Survey
Kuwait: Oil Producers Can Reach Freeze Without Iran
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Oil advanced on speculation a pact to freeze crude output may be reached without the participation of Iran.
Futures rose from a one-month low. Oil-producing countries can come to an agreement capping crude production at January levels even if Iran doesn’t join the move to help shore up prices, according to Kuwait’s OPEC governor. The dollar dropped to the lowest level against the yen in more than a year, bolstering the appeal of commodities priced in the U.S. currency. A government report Wednesday is projected to show that U.S. crude supplies climbed.