Iran’s oil minister Bijan Zangaeh stated Saturday that there was a consensus within OPEC members that $80 per barrel was an equitable price, mirroring previous calls by Iraq and Venezuela, reports Nicole Friedman for the Wall Street Journal.
WTI crude oil futures were up 6.1% Monday, trading around $48.0 per barrel. Meanwhile, Brent crude oil was 5.2% higher, hovering around $52.7 per barrel.
Energy prices are bouncing off a six-year low as an oversupply of crude oil depressed prices over the past year, with many market observers expecting years before a full recovery in prices.
United States Oil Fund
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Max Chen contributed to this article.