Brent crude advanced as Iran and Iraq were set to meet and discuss backing a proposal by Saudi Arabia and Russia to freeze production at near-record levels amid a global glut. Futures in London gained 1.1 percent, reversing an earlier loss. Iran’s Oil Minister Bijan Namdar Zanganeh will meet with counterparts from Iraq, the second-biggest OPEC producer, and Venezuela on Wednesday following the freeze agreement in Doha Tuesday. The preliminary deal to fix output at January levels is the “beginning of a process” that may require “other steps to stabilize and improve the market,” said Saudi Oil Minister Ali Al-Naimi. “It’s very […]