WTI Gains for Third Day as Iran Seeks Halt to Price Drop
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Brent crude traded for a fifth day close to a level that’s prompting speculation OPEC will respond by cutting supply. West Texas Intermediate, which fell into a bear market this month, rose in New York.
Brent, the global benchmark, rose or fell through its closing level at least 12 times in trading on the London-based ICE Futures Europe exchange. It traded at $85.82 a barrel at 1:30 p.m. and has been near $85 since Oct. 15. Iran’s President Hassan Rouhani instructed the oil ministry to use diplomacy to halt the slump, state-run Mehr news agency reported yesterday.