Oil prices jump on report Iran could support Opec limits

NEW YORK (Aug 24): Oil prices jumped on Tuesday after a new report that Iran could support an effort by Opec and Russia to freeze production and firm up prices.

The Reuters report, citing unnamed sources, said Tehran is sending "positive signals" that it might give its support to that effort, after having refused earlier this year to curb its own output to support the market.

The news reversed an earlier fall in prices that was being driven by expectations of production increases from both Nigeria and Iraq, adding to the market glut.

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