“The fact that crude futures didn’t sell off after major oil producers failed to reach an agreement to cap production last week is another sign the commodity has bottomed, RBC Capital Markets’ Helima Croft said Monday,” reports CNBC.
Rebounding Brent crude prices have also boosted an array of single-country ETFs, including the Market Vectors Russia ETF (NYSEArca: RSX) and the iShares MSCI Russia Capped Index Fund (NYSEArca: ERUS).
“As for Iran, a deputy oil minister for the country said output could return to pre-sanctions levels by June, Reuters reported. That time frame aligns with a scheduled OPEC meeting, potentially positioning Iran to participate in a freeze deal,” according to CNBC.
[related_stories]United States Oil Fund
