Oil Rallied although Iran Refused to Freeze Output

Iran showed supports on the deal between Russia and some OPEC members to freeze oil output. Yet, it refrained from joining the freeze. As Iranian oil minister Bijan Zanganeh noted the deal is "the first step" to stabilize oil prices. He added that "this cooperation between OPEC and non-OPEC members to stabilize the market is good news".

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/oil-rallied-although-iran-refused-to-freeze-output-2016021832357/