Oil climbs above $ 35 after welcoming Iran's proposal to freeze production levels


Thursday, February 18, 2016 - 20:18
Oil climbs above $ 35 after welcoming Iran's proposal to freeze production levels

The price of oil rose above $ 35 a barrel on Thursday after welcoming Iran, Russia, Saudi Arabia plans to freeze production levels and a report showed a surprise drop in US oil inventories.

The rise came after the gains made by oil in the previous session and stood at 7%, but analysts said the market overreacted to support Iran to freeze production step, although Russian Arabia will not reduce the global surplus is likely.

And ascended International benchmark Brent crude futures in dollars to $ 35.50 a barrel, but gains were trimmed noon to trade at $ 35.26 a barrel, up 76 cents, and it was crude rose 7.2% at the close of the previous session.

US crude rose 88 cents to $ 31.54 a barrel.

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