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Crude Oil Rallies After Comments from Iran’s and Russia’s Officials

November 21, 2016 at 10:47 by Vladimir Vyun

Futures for crude oil rose today as meeting of the Organization of Petroleum Exporting Countries in Vienna was nearing. The OPEC meets on November 30, and traders are hoping that it will reach a deal to cut production, which should boost prices. Adding to such hopes were comments from Iran’s Oil Minister Bijan Namdar Zangeneh, who said on Saturday that an agreement is “highly likely.”

Furthermore, Russian President Vladimir Putin also voiced optimism about the possible accord, saying on Sunday:

Whether an agreement will be reached, I can’t say 100 percent, but there’s a strong likelihood that it will be achieved. The main contradictions within OPEC, if they’re not yet eliminated, can be eliminated.

And on top of that, he signaled that Russia is ready to freeze its output, stating:

There’s no difficulty for us to freeze production.

Futures for delivery of WTI crude oil in December rallied 1.66% to $46.45 per barrel as of 10:34 GMT on NYMEX today. January contract for Brent crude rose 1.66% as well to $47.64 per barrel on ICE.

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