Energy Prices Rebounded, Lifted by Iran Rumors

Energy prices rebounded as a report suggested that Iran might consider cutting output to support prices. The front-month WTI crude contract rose +2.23% and settled at 48.1, while the Brent contract gained +1.63% and closed at 49.96 for the day. Refinery products also climbed higher with heating oil and RBOB gasoline contracts up around +1%. Gains were pared after settlement as a report showed surprising increase in US inventory. Wall Street firmed as support energy sector.