Oil price near $32 as focus turns to Tehran after Saudi pact

Investors were waiting to see if Iraq and Iran will back a plan to freeze production

17th February, 2016
Brent oil traded around $32

Brent oil held losses near $32 as investors waited for signs of whether Iraq and Iran will back a plan by Saudi Arabia and Russia to freeze production at near-record levels amid a global glut.

Futures in London were little changed, giving up earlier gains of as much as two per cent. Iran’s Oil Minister Bijan Namdar Zanganeh will meet with counterparts from Iraq, the second-biggest OPEC producer, and Venezuela on Wednesday, the Iranian news agency...

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