Oil prices rebound on Iran’s positive reaction to output freeze
Iran’s positive stance to cooperation between OPEC members and Russia resulted in higher oil prices on Wednesday. ICE April Brent crude was up $2.32/barrel to settle at $34.50/barrel on Wednesday while NYMEX March crude futures climbed $1.62/barrel to settle at $30.66/barrel.
So far, Qatar, Venezuela, Kuwait, Saudi Arabia and Russia have indicated their willingness to freeze output at January levels while the UAE also stated they are ready to cooperate in order to stabilize oil markets.
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