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Crude Oil Bounces as Focus Turns to Iran

February 17, 2016 at 13:06 by Vladimir Vyun

Crude oil rallied today with the help of renewed hope for a deal to freeze production. Iran remains a big obstacle as the country desires to ramp up its output to the level it reached before international sanctions. Yet if some sort of agreement could be achieved, it would mean that talks about additional measures to support prices may follow.

Meanwhile, traders wait for US supply reports due to release on Wednesday and Thursday. Analysts have estimated ahead of the data that US oil stockpiles expanded 3.9 million barrels last week.

March contract for delivery of WTI crude oil advanced 1.89 percent to $29.59 per barrel as of 12:59 GMT on NYMEX today. April Brent crude gained as much as 2.83 percent to trade at $33.09 per barrel on ICE.

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