Iran will not freeze production below 4 MMBOP – Iranian Oil Minister
Crude oil prices took a steep fall this morning as hopes that OPEC might curb production in order to reach a $50 per barrel price floor were diminished by news that Iran plans to continue increasing production. U.S. benchmark WTI fell as low as $36.73 today, while international benchmark Brent crude oil fell to $38.84 per barrel. Both crudes made gains by market close.

Prices began to climb last week as rumors swirled that OPEC would help push prices higher after initiatin...

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