Oil Pares Gains With Iran Said To Be Unwilling To Cut Output

Oil futures pared some of its earlier gains on Friday following news that Iran will not participate in any plan for coordinated output cuts with other members of the Organization of the Petroleum Exporting Countries. An Iranian oil official said Tehran won't consider a reduction until its exports have increased by 1.5 million barrels a day over current levels, according to a report from Dow Jones. Following an agreement regarding Iran's nuclear program, sanctions on the country were lifted earlier this month. March oil rose 34 cents, or 1%, to $33.56 a barrel on the New York Mercantile Exchange after tapping a high of $34.40.

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