Oil prices surge as Iran says it supports crude output freeze

Wednesday, February 17, 2016
By Paul Martin

17 Feb, 2016

Brent crude futures trading at the Intercontinental Exchange (ICE) in London surged over 7.5 percent after Iran declared its support for the oil output freeze. However, Tehran has not made any pledges to curb to its production.

The positive market trend lasted only a few minutes however, with the gain then dropping to around 6.2 percent.

WTI futures in New York also saw a reverse in earlier losses, gaining as much as 6.3 percent, according to Bloomberg.

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