Oil futures reversed course Tuesday to trade higher after Reuters reported that Iran is "sending positive signals" that it may support group action to lift the oil market. The report cites sources in the Organization of the Petroleum Exporting Countries and the oil industry. Iran was unwilling to participate in a deal last spring to freeze production. OPEC is set to hold an informal meeting to again discuss an output freeze late next month. October WTI crude added 48 cents, or 1%, to trade at $47.89 a barrel on the New York Mercantile Exchange after tapping lows under $47.
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