Oil rebounds in Asia as Iran talk raises hopes – CNBC

Wednesday’s rebound was also technical after this week’s sharp decline, as supply-demand fundamentals have not changed, he added.

The battered commodity has lost some 70 percent of its value since the U.S. summer of 2014 and with OPEC so far having refused to cut to cut its 30-million-barrel a day production ceiling, a sustained recovery looks unlikely.

But some additional support appeared to come on Tuesday, in the form of a report on Iran’s Press TV that Iranian oil minister Bijan Zangeneh had said Tehran was ready to negotiate with Saudi Arabia over current conditions in the oil market.

“We support any form of dialogue and cooperation with OPEC member states including Saudi Arabia,” Zangeneh reportedly said.

Iran recently resumed oil exports after Western sanctions against the country were lifted, putting extra pressure on a market that was already oversupplied, in part due to OPEC’s refusal to cut its production ceiling.

Oil rebounds in Asia as Iran talk raises hopes – CNBC}

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