Oil Futures Advanced on Wednesday with Speculations about Agreement over Output Freeze
On Wednesday the crude oil futures advanced with speculations fueling expectations that an agreement to freeze crude production might cap the oversupply even without Iran's participation. However, Iran's plans to increase production might curb the larger price gains.
Oil futures moved ahead from their 1month low. The dollar slipped to its one year's lowest level against the yen that increased the attractiveness of those commodities which are priced in the U. S. currency.
On Tuesday, Nawal Al-Fuzaia, Kuwaiti governor for the Organization of the Petroleum Exporting Countries (OPEC), said that there were "positive indications an agreement will be reached" in a producer meeting which is scheduled on April 17 in Qatar.
International Brent futures LCOc1increased 1.8 percent at $38.55 per barrel and front month U. S. crude futures CLc1 scaled by one dollar to $36.89 per barrel.
Oil's greater price revival is being cut back as reports showed; Iranian Oil Minister Bijan Namdar Zanganeh said that Iran's crude output will touch four million barrels a day by March 2017. The country plans to export 2.25 million barrels per day from those supplies which would add to the already oversupplied oil market.
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