Oil futures surge on Iran comments over output freeze

Oil futures ended sharply higher Wednesday after Iran’s oil minister expressed support for a plan to freeze production by fellow members of the Organization of the Petroleum Exporting Countries and Russia at current levels but stopped short of committing Tehran to abiding by it.

Brent crude LCOJ6, +1.59% the global oil benchmark, jumped $2.32, or 7.2%, to end at $34.50 a barrel on London’s ICE Futures exchange, its highest settlement in two weeks. On the New York Mercantile Exchange, West Texas Intermediate futures CLH6, +2.09%  for March delivery advanced $1.62, or 5.6%, to settle at $30.66 a barrel, the highest settlement since Feb. 5.

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