Crude Futures Surge on Iran Comments

by Mohammed Marzuq, KPI Bridge Oil
Wednesday February 17, 2016

Crude Futures surged today after Iranian news surfaced that they would support production cuts to help re-balance an over saturated market.

Although the market reacted heavily, this is still speculative as Iran is still seeking to recoup market share after sanctions liftings.

Russia and Saudi Arabia are ready to freeze production to January levels if the likes of Iran and Iraq jump on the band wagon.

Both Brent and WTI front month contracts settled firm, leading to much higher bunker prices across the board today.