Oil Futures End Sharply Higher After Iran Comments

By Markets MarketWatch Pulse

Oil futures ended sharply higher Wednesday, rallying despite a mixed message from Iran's oil minister over a proposed production freeze by major producers. West Texas Intermediate crude for March delivery jumped $1.62, or 5.6%, to end at $30.66 a barrel. Iran's oil minister didn't commit to a production freeze after a meeting with some Organization of the Petroleum Exporting Countries counterparts, but praised a proposed freeze tentatively agreed upon a day earlier by Saudi Arabia and Russia.

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