Crude futures rose in Asian trade on Thursday after Iran welcomed plans by Russia and Saudi Arabia to cap production, although analysts said the move would not lead to any output cuts and Tehran offered no action of its own. After oil prices rose in the previous session as much 8 percent, commentators suggested markets had overreacted to Iran’s support for the caps and said the Russian-Saudi move would not likely reduce the global surplus. “I share the consensus view that producers are unlikely to reach an agreement (on cuts), the rationale being the need to satisfy two conditions,” said Ric Spooner, chief market analyst with Sydney’s CMC Markets. “First, any price gains must offset losses achieved from volume cuts – […]