EghtesadOnline: Oil climbed to a three-week high as Iran expressed optimism that OPEC will agree to a supply-cut deal and Iraq said it will make new proposals to help bolster unity before next week’s meeting in Vienna.
Iranian Oil Minister Bijan Namdar Zanganeh had said earlier that it’s “highly probable” OPEC would reach a consensus at Vienna talks.
Iraq will offer plans to help reach an accord, Oil Minister Jabbar Al-Luaibi said. Discussions went well, Libyan OPEC Governor Mohamed Oun said as he left the group’s Vienna headquarters on Monday evening, Bloomberg reported.
Oil has rebounded from an eight-week low on Nov. 14 as members of the Organization of Petroleum Exporting Countries make renewed efforts before their Nov. 30 meeting to finalize the supply deal they agreed to informally in September, according to ISNA.