Oil climbed to the highest close in more than four weeks amid speculation that crude producers will revive talks to stabilize prices. Futures gained 2.8 percent in New York. Prices advanced 6.4 percent last week as Saudi Arabia signaled it’s prepared to discuss stabilizing markets at informal OPEC discussions next month. Russia is open to talks for a joint output freeze “if necessary,” Energy Minister Alexander Novak told Saudi Arabian newspaper Asharq Al-Awsat. The Bloomberg Commodity Index rose the most in a month as the dollar weakened.
Iran approved a new oil contract model, taking the OPEC nation a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market. The contract model was approved at a cabinet meeting Wednesday, according to the official Islamic Republic News Agency.