Oil Climbs on Report Iran May Support OPEC Production Freeze
- Any OPEC freeze deal may prove ‘self-defeating’: Goldman Sachs
- Iraq seeks to boost output before OPEC members meet in Algiers
Iran May Support OPEC Output Freeze
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Oil rose, reversing an earlier decline, on speculation Iran may be more willing to cooperate with other producers seeking to freeze output.
Prices closed 1.5 percent higher after Reuters reported that Iran is sending "positive signals" that it may support joint action to bolster the oil market, citing unidentified sources in OPEC and the oil industry. Iran hasn’t decided whether to join any action, according to the sources. If OPEC and some other producers agree to cap output at informal talks next month, the resulting price boost may help other suppliers revive output, Goldman Sachs analysts wrote.