Wiping out two-day losses, oil spiked on Tuesday on vague speculation emanating from a Reuters report headlining “positive signals” from Iran that it could back an output freeze to counter low oil prices, while contradictory reports that Iran has still not even decided whether it will attend the OPEC meeting in Algiers next month failed to counter the upward swing in prices. At the time of writing, WTI Crude was up 1.31 percent at US$48.03 and Brent Crude was trading up 1.51 percent to US$49.90. While it appears to have been largely headlines rather the finer details of today’s mainstream media reports that are leading market speculation, beyond the headline, Reuters cited OPEC and oil industry sources as saying that Iran had not firmly decided anything, but appeared to be more willing to talk this time around. Soon after the Reuters report, Iran’s ministry of petroleum said […]