WTI Gains for Third Day as Iran Seeks Halt to Price Drop – Bloomberg.
Brent crude traded for a fifth day close to a level that’s prompting speculation that OPEC will respond by cutting supply. West Texas Intermediate, which fell into a bear market this month, extended a rally.
Brent, the global benchmark, rose or fell through its closing level at least 12 times and was at $85.83 a barrel as of 11:13 a.m. WTI futures climbed as much as 0.9 percent to $83.48 a barrel in New York, having fallen as low as $79.78 on Oct. 16.
Banks including BNP Paribas SA and Bank of America Corp. predict prices are near a floor, in part counting on the Organization of Petroleum Exporting Countries to reduce output. Goldman Sachs Group Inc. said Oct. 17 that a rout in oil had gone too far. Iran’s President Hassan Rouhani instructed the oil ministry to use diplomacy to halt the slide, state-run Mehr news agency reported yesterday. Saudi Arabia and Kuwait started cutting output from a joint oil field on Oct. 16.
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